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Large fluctuations on the Ethereum (ETH) market yesterday activated a wave of reactions on social media, whereby one Ethereum co-founder claimed that certain large holders or whales “pushed down the price of the assets.
The activity reached a feverpitch on Monday 4 February, when the ETH price won from around $ 2,900 to only $ 2,120 before it bounced back sharply. Despite the intraday dipper, Ether finally closed the day with a green wick of 26% – an unusual price that reflects in such a short window.
Ethereum -Price manipulated by whales?
Analysts attributed the dramatic movement to external macro -economic forces, in particular the American trade war under President Donald Trump. After having imposed the rates on Mexico and Canada early in the day, the president later saved an arrangement that stimulated a quick recovery on the world markets, including cryptocurrency.
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The turbulence led an observer, easily identified as “trainee” (@intern), the director of Growth at Monad, to post a grim sentiment on X: “ETH dies right for us. To be honest, never thought this would happen. ‘
In answerEthereum co-founder and CEO of the Consensys Joseph Lubin offered a composite prospect, which underlines that this type of price fluctuations are not unusual for the digital assets: “It happens regularly. Then it stands out. What we see is whales that benefit from economic unrest and negative sentiment to shake out weak hands, walk stops and then buy back when they can perform the same playbook in reverse way. “
Lubin’s explanation offers a cyclical understanding of crypto volatility, which implies that larger players benefit from market anxiety – often aggravated by macro developments – to put pressure on less resilient investors to sell.
Various prominent crypto-traders also commented on the events, in particular accusations of manipulation guided by whale.
A well -known figure, Hsaka (@hsakatrades), advised newcomers not to assume that the decline of ETH was pure driven by organic market sentiment: “Dear Noobs, Ethereum does not naturally go down. It is pushed down through whales with Spoofy sales orders at trade fairs to make Noobs and sell risk managers to ‘buy back’. They steal your bags and let you buy back at a higher price. “
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The idea of a joint “spoofing” strategy – where large sales orders are placed and then canceled or only partially filled – has long circulated in crypto communities. The tactic is said to be aimed at activating panic, so that so -called whales can collect positions at more favorable price levels.
Prominent trader Pentoshi (@Pentosh1) offered a short but targeted response, in which it was emphasized how EHH is undergoing in the past three years compared to Bitcoin (BTC): “Shaking out for 3 years so far. I hope you are right. “
The question why in particular ether would choose was called by community member Evmaverick392.eth (@evmaverick392): “Maybe I sound naive, but why do whales perform this maneuver exclusively on Ether?”
Lubin reacted by drawing a parallel to conventional bank robberies and suggesting that the recent wave of unrest around the Ethereum ecosystem of the Active has made an important target: “Why robbing bank robbers banks – or used to it? The (unjustified) FUD to the Ethereum ecosystem is currently the most pronounced. “
At the time of the press, ETH traded at $ 2,704.
Featured image made with dall.e, graph of tradingview.com
