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HomeEthereumHere's Who Pushed Ethereum's Price to $950, and How

Here’s Who Pushed Ethereum’s Price to $950, and How

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Arman Shirinyan

Ethereum’s drop to $950 is extra fascinating than you may assume

Regardless of the huge sell-off of Ethereum in the previous few days, the second-biggest cryptocurrency is efficiently holding above the $1,000 threshold and has not but plunged under it—until you commerce it on Uniswap.

A couple of hours in the past, the WETH/USDC pair on Uniswap, with round $100 million of liquidity, skilled a large squeeze that brought about Ethereum’s plunge to $950. The short-term drop was fueled by the 65,000 ETH promote on the common value of $1,131.

WETH Chart
Supply: TradingView

After diving into the small print of the operation, we will discover some fascinating information concerning the positioned order. Foremost, the lend was funded by the Ethereum ICO participant for 560,000 ETH, with 409,000 ETH remaining on his or her pockets.

From March 16, 2021, till Might 9, 2022, the place backed with virtually 130,000 ETH was opened. The investor used it to borrow 80 million DAI. Moreover, the ICO participant funded the lend on Maker DAO with 96,700 ETH.


On Might 30, the investor determined to extend the leverage by buying 24,000 ETH on borrowed funds with the common value of $1,961. With 153,000 ETH in backing, and $126 million DAI borrowed, a participant in the ICO would have confronted liquidation at $1,198. You already know what occurs subsequent.

On June 13, Ethereum plunged to $1,200, making a danger of liquidation, which is why the investor had no different selection however to lower his place dimension by promoting a large 65,104 ETH for $1,131, shifting his liquidation value to $874.

After promoting 65,000 ETH, the early Ethereum investor offered one other 27,000 to deleverage his place to $500 per ETH liquidation value.

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