The world’s second-largest crypto currency, Ether (ETH), came under strong selling pressure on Sunday evening and traded 8.09% down at $1,120 .
On Monday, ETH was $1123.66, down 6.13% at 5.50 AM EST. On Sunday, FTX hacker who stole away $600 million from the bankrupt exchange FTX converted his ETH into Bitcoin. The hacker had first converted the stablecoins to Ethereum and garnered ETH worth $288 million. The news was broken by crypto journalist Colin Wu, coutsy Etherscan data.
“The FTX hacker address (0x59…d32b) is converting a large amount of ETH into BTC,” he tweeted.
The unprecedented ETH price slump was also due to a broader market correction. The crypto currency market fell 5.6% slipping under $800 billion as of press time.
While ETH was down 8%, Bitcoin too slipped 4% below $16,000. As of press time, it is $16, 109 a fall of 3.27%. In the past 2 weeks, Ethereum has been under stress. Analysts believe the recent sell-off could pull the ETH price to under $1,000.
At press time, Monday, 5.59 AM EST, bitcoin price is $16,114.63 down 3.04% in the last 24 hours.
It seems Bitcoin has failed to surge above the $16,400 resistance zone and anticipates a bigger downslide.
Another support on the downside is near the $16,150 level and the next support is near the $16,000 zone. After that, the price will test the key support at $15,500. If BTC slips below the $15,500 support the price will tumble further.
As of now, BTC faces a risk of more losses unless it settles above the $17,000 resistance zone. Bitcoin has been showing a fresh decline below the $16,500 and $16,400 levels.
A key bearish trend is hovering with resistance near $16,390 on the hourly chart of the BTC/USD pair as per Kraken. But the pair has a chance to jump up if there is a move above the $16,500 resistance zone.
