Since the crypto market has faced many impactful events that have plunged numerous digital assets to the bottom. As per Coinpedia, the second largest cryptocurrency, Ethereum(ETH), accelerates its bearish trend because its price seems to be affected mainly by huge fund movements by whale holders.
As reported by Coinpedia, the FTX hacker who stole around $600 million from the crashed crypto exchange is constantly swapping stolen Ethereum for cash-out purposes. It has been said that the hacked swapped across 15K Ethereum in exchange for renBTC, which further converted into 1023.64 BTC.
Following the huge liquidation of Ethereum, the asset is trading in a crucial fear zone, which may shortly trigger a sharp decline in the ETH price chart. Furthermore, during the ongoing dump situation, the DeFi activity on Ethereum has declined rapidly because DefiLlama displayed that the total value locked in dApps on Ethereum dropped by 4% to $23.8B.
Coinpedia believes that, if the hacked cashes out all his ETH Holdings, then ETH may continue its death rally further and fall below its crucial support zone of $1,075. After that, the price of ETH will likely stabilize closer to $900 before igniting a fresh surge by the beginning of 2023.