- ETH has been looking bearish as it experienced a price drop of over 4% in the past 24 hours.
- Nearly $163 million in short positions will be liquidated if ETH falls below $2,596.
Over the past 24 hours, the overall cryptocurrency market has experienced a notable decline, including Bitcoin [BTC] and ether [ETH].
Amid the market decline, analytics firm Spot On Chain posted on X (formerly Twitter) on August 15 that the Ethereum co-founder Vitalik Buterine has moved a significant amount of ETH to Kraken.
Notably, Vitalik has deposited a significant 200 ETH worth $530,000 into the cryptocurrency exchange Kraken. Moreover, this is the first time in 2024 that Vitalik has deposited money on a centralized exchange (CEX).
Crypto giants like Vitalik have significant influence over the overall market, and such deposits could impact the industry.
However, the Ether amount was relatively low and it is also not specified whether it was a donation, strike or sale.
Otherwise, Vitalik recently moved more than 3,200 ETH worth $8.32 million to two new multisig wallets, which may be available for donation.
Ethereum price performance
At the time of writing, ETH was trading around $2,620 and had experienced a price drop of more than 4% in the past 24 hours. Despite this, Open Interest fell by 4%, indicating lower interest from investors and traders.
At the time of writing, ETH’s key liquidation levels were at almost $2,596 on the lower side and $2,686 on the higher side, according to analytics firm Coinglass.
Source: Coinglass
If sentiment remains the same and ETH falls to the $2,596 level, nearly $163 million in short positions will be liquidated.
Conversely, if sentiment changes and the price rises to the $2,686 level, long positions worth almost $240 million will be liquidated.
Looking at the current situation, it seems that ETH is bearish. While, on August 14, experienced trader Peter Brandt shared a bearish outlook for ETH, using technical analysis at both higher levels and intraday levels.
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In a post on
This post has received a lot of attention from the crypto community during this ongoing bearish market sentiment.