Ethereum experienced a dramatic drop of over 14%, plummeting below the crucial $1,800 support level to trade near $1,541. This plunge coincided with a broader crypto market sell-off that saw Bitcoin fall below $76,000. A significant whale liquidation on the Maker lending platform, amounting to $106 million worth of ETH, further contributed to the downward pressure.
A report by Lookonchain revealed the liquidation of a major Ethereum wallet holding 67,570 ETH ($106 million) at the time. This action likely amplified the price decline.
As prices fell, trading volume surged significantly – with derivatives volume soaring a remarkable 345% and a similar increase in overall trading activity.
This unexpected surge in trading activity raises questions: is this indication of panic selling or a potential buying opportunity?
The post ETH Price Apr 8: What Levels Matter After Monday’s Market Crash appeared first on Coin Edition.