{"id":420460,"date":"2020-04-10T19:00:54","date_gmt":"2020-04-10T19:00:54","guid":{"rendered":"https:\/\/wncen.com\/?p=420460"},"modified":"2020-04-10T16:13:09","modified_gmt":"2020-04-10T16:13:09","slug":"ethereum-whales-are-building-a-massive-buy-wall-will-it-stop-a-selloff","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-whales-are-building-a-massive-buy-wall-will-it-stop-a-selloff\/","title":{"rendered":"Ethereum Whales Are Building a Massive Buy Wall; Will it Stop a Selloff?"},"content":{"rendered":"
Ethereum and the aggregated cryptocurrency market saw a sharp overnight decline that came about after Bitcoin lost the support that had been established at $7,000. This plunge has caused ETH to underperform BTC and many other altcoins, with its bulls currently attempting to establish support.<\/p>\n
Presently, Ethereum is pushing up against a massive buy wall on trading platform Bitfinex, with the magnitude of bids around the crypto\u2019s current region possibly being enough to support it from seeing further losses.<\/p>\n
This potentially bullish sign is further bolstered by the sheer number of traders who are currently long on ETH, with the overnight decline leading a significant number of long orders get filled.<\/p>\n
Earlier this week Ethereum<\/a> \u2013 like most other cryptocurrencies \u2013 saw some bullish price action that allowed its price to rally<\/a> from lows of $140 to highs of $175.<\/p>\n This movement marked an extension of the momentum that was first incurred on March 12th when ETH rallied after moving into the sub-$100 territory.<\/p>\n In the near-term, the reaction to the support Ethereum has established around $160 will offer insight into its current strength, with a sharp break below this level potentially being a grave sign.<\/p>\n This may not happen, however, as one \u2013 or multiple \u2013 massive investors on Bitfinex<\/a> have established an immense wall of buy orders within the upper-$150 and lower-$160 regions.<\/p>\n Su Zhu, the CEO and founder of Three Arrows Capital, spoke about this buy wall in a recent tweet,<\/a> explaining that the buyers have absorbed over 200,000 Ethereum and still have another 50,000 bids remaining on the orderbook.<\/p>\n \u201cLarge ETH buy wall on bfx here, 200k ether filled and another 50k remaining in the order book,\u201d he noted.<\/p><\/blockquote>\n