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3 Reasons Why Ethereum Is Struggling Today: Will ETH Break $2,000?
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3 Reasons Why Ethereum Is Struggling Today: Will ETH Break $2,000?

Dalmas Ngetich
Dalmas Ngetich
9 months ago
2 mins read
Ethereum

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Even after the welcomed recovery on August 6, Ethereum is under immense selling pressure today, August 7. Despite gains earlier today, losses saw the coin edge lower, as visible in the daily chart.

The daily chart rejected the coin at around the $3,500 resistance level. At this pace, Ethereum could continue plummeting if bears step on, mirroring losses of the first half of the week.

Jump Trading Liquidating Ethereum: Will Prices Drop Below $2,000?

Multiple factors at play explain the recent weakness. As it is, the coin could drop even lower, targeting the $2,000 support line. With the general crypto community cautious, Jump Trading, a crypto market marketing firm, has been dumping ETH incessantly over the past few trading days.

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10 months ago

According to Lookonchain data, Jump Trading claimed 11,501 ETH worth over $29 million from the liquidity staking platform Lido Finance. The blockchain analytics platform said the block of ETH is set for sale.

Jump Trading dumping ETH | Source: @lookonchain via X
Jump Trading dumping ETH | Source: @lookonchain via X

Jump Trading, currently being investigated by the United States Commodity Futures Trading Commission (CFTC), also plans to redeem another 19,049 ETH worth over $48 million from the same platform. This amount will likely be dumped in the secondary markets, weighing down prices even more.

Ethereum price trending lower on the daily chart | Source: ETHUSDT on Binance, TradingView
Ethereum price trending lower on the daily chart | Source: ETHUSDT on Binance, TradingView

On August 5, Jump Trading liquidated over 120,000 wETH, accelerating the sell-off. Though Bitcoin lost over 20% that day, losses were more pronounced on Ethereum, which dumped by nearly 40% from July highs, dropping to as low as $2,100.

PlusToken Ponzi Scheme Tokens Moving, Impact Of The Ronin Bridge Hack

Beyond the liquidity impact of Jump Trading, large amounts of ETH are being moved from wallets associated with the PlusToken Ponzi scheme, according to Scopescan data. The last time these wallets were moved was in 2021, when Chinese authorities shut down the scam.

PlusToken ponzi scheme tokens moving | Source: @0xScopescan via X
PlusToken ponzi scheme tokens moving | Source: @0xScopescan via X

The PlusToken Ponzi wallets control roughly $2 billion worth of ETH. Similar to the panic when the United States government moved $2 billion of BTC and when Mt. Gox began distributing BTC, the same is being witnessed. Presently, sentiment has been dented and could depress ETH prices in the short to medium term.

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XRP

Explosive XRP Prediction: Analyst Foresees 20-Fold Gain

10 months ago

Though minimal, ETH faces more pressure following the Ronin Bridge security breach. While the white hacker has returned roughly 2 million USDC of the reported $10 million lost, the fact that ETH was the main asset stolen is a concern. This is not the first time the Ronin Bridge has lost money. In 2022, it lost over $600 million in a disastrous hack.

Feature image from DALLE, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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