Ethereum’s Plunge: A Tsunami of Sell-offs or a Golden Dive? 🌊💰

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In the tempest of financial seas, the good ship Ethereum has foundered, listing nearly 20% in a mere day, and now flounders around the $2,500 mark. 🚢🌊

With the critical $3,000 bulwark shattered, the noble ETH has been consigned to the depths of $2,500—a dive most precipitous and reminiscent of yesteryear’s plights. And all thanks to the economic tempest that follows in the wake of His Excellency’s trade tariffs. 🌪️🛡️

In lockstep with the old world’s markets, ETH and its digital kin march to the same grim drumbeat. 🥁💔

According to the oracles at Coinglass, it seems the whales have taken to their harpoons, spearing their own kind in a frenzy of panic-selling. A veritable bloodbath in the crypto ocean. 🐋💔🔪

The crypto soothsayer MaxBecauseBTC, to his 66K acolytes, pronounced this the grandest of Ethereum’s liquidation orgies in over two years, comparing it to the COVID crash of yore. “Endure,” he whispers, “and be rewarded.” 🧙‍♂️🏰

Largest liquidation event on $ETH in the past 2+ years with the most negative funding… most comparable event to this was March 2020 Covid Crash.

I believe those that stick around will be rewarded. Most will not stick around. Defining moment for many. We all go through it.

— Max (@MaxBecauseBTC) February 3, 2025

Max is not alone in his divinations. Felix Hartmann, the seer of Hartmann Capital, opined that this was but a “forced selling” which may have “dislocated” prices. As if the crypto market were but a loose tooth, wobbly yet secure in its socket. 🦷💸

$2.1bn liquidated in 24 hours.

Good chance this is a near term capitulation. Don’t know about the long term trend, but for now, this was a lot of forced selling and priced may be dislocated.

— Felix Hartmann (@FelixOHartmann) February 3, 2025

Andrew Kang of Mechanism Capital, ever the optimist, suggests that ETH may be more than a touch oversold and could soon be buoyed back to the sunlit surface of $2,700. 🚣‍♂️🌞

Bounce to $2700

— Andrew Kang (@Rewkang) February 3, 2025

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2025-02-03 10:55