Ethereum’s native token Ether (ETH<\/a>) fell to as low as $950 on Uniswap\u2014a decentralized crypto exchange\u2014 this June 13, about 20% lower than its spot rate<\/a> across other exchanges.<\/p>\n The incident happened at around 3:00 am UTC after a whale dumped 65,000 ETH for multiple “stablecoins,” including USD Coin (USDC<\/a>), Tether (USDT<\/a>) and Dai (DAI<\/a>).<\/p>\n A piece of evidence noted<\/a> that the whale sold its ETH holdings to pay off nearly $73 million worth of debt at Oasis.app, a DeFi lending platform. The duration of the sell-off saw ETH’s liquidation price dropping from $1,200 to $875.<\/p>\n not a liquidation, someone selling collateral to pay off debthttps:\/\/t.co\/tceIla0xuF<\/a> pic.twitter.com\/KwIholu1St<\/a><\/p>\n \u2014 mariano.eth ✨\u1559\u0f3c\u0e88\u0644\u035c\u0e88\u0f3d\u1557✨ | (@nanexcool) June 13, 2022<\/a><\/p><\/blockquote>\n The Oasis borrower continued the selling spree\u2014dumping another stash of nearly 28,000 ETH five hours after the first selloff\u2014to pay back another $32 million in debt. This time, the liquidation price rose from $892 to $1,200, as shown below.<\/p>\n As a result, the whale dumped around 93,000 ETH within just six hours. The amount equals toroughly $112 million at June 13’s ETH\/USD price. <\/p>\n Interestingly, the Oasis borrower’s total outstanding debt was about $120 million (as measured in DAI stablecoin), suggesting that the whale suffered heavy “slippage” losses<\/a>.<\/p>\n wtf\u2026 was this a misclick? https:\/\/t.co\/POURtN4F6s<\/a><\/p>\n \u2014 Jonathan Howard (@staringispolite) June 13, 2022<\/a><\/p><\/blockquote>\n Ether’s trip to $950 was brief, suggesting adequate demand for the tokens near the level. Nonetheless, one separate analysis from veteran trader Peter Brandt pointed<\/a> at ETH’s price falling toward $650 in the coming weeks.<\/p>\n Brandt’s bearish outlook emerged out of a classic continuation pattern, dubbed the “descending triangle,” which resolves after the price breaks out in the direction of its previous trend. <\/p>\n Since Ether was falling before the triangle’s formation, its path of least resistance was skewed to the downside.<\/p>\n Brandt says that ETH had reached the triangle’s first downside target of $1,268 as the price declined 20% on June 13. He anticipates the declines to continue, with ETH dropping almost by another 50% to $667.<\/p>\n Nonetheless, Ether’s oversold relative strength index<\/a> (RSI)\u00a0could lead to a sharp price reversal. Ethereum picks additional rebound cues from its 200-week simple moving average (200-week SMA; the orange wave in the chart below) near $1,200, now serving as support.<\/p>\n If ETH price undergoes an upside retracement, then the token’s interim bull target could be near $1,450, coinciding with the 1.00 Fib line of the Fibonacci retracement graph drawn from around $1,450-swing high to the $84-swing low.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/a4ce4ff9-f66d-4ad6-88cb-62e285a24f42.png\")
Over $130M ETH sold in six hours<\/h2>\n
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Ether price eyes $667 \u2014 veteran analyst<\/h2>\n
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