The Ethereum (ETH) network has been on the edge. Several assets over the past couple of months were seen recording new peaks, but ETH was still struggling to reclaim its current all-time high. Amidst this, the Ethereum Foundation continued to sell more tokens. As the community watched the drama unravel in the network, the largest altcoin was slipping down to $3,000.
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Ethereum’s Balancing Act
According to recent data from CoinMarketCap, ETH had taken a huge hit over the past 24 hours. During the time of writing, the second largest cryptocurrency was trading at $3,113 with a 6% daily drop. Earlier today, Ethereum was priced at a high of $3,343.15 before plummeting to a low of $3,024.09.
The last drop caused chaos in the market. The total number of long liquidations over the last 24 hours surged to a high of $110.25 million. In addition, $11.27 short positions were liquidated.
The Ethereum Foundation has continued to sell ETH from the Treasury despite leadership disputes and community outcry. The firm is now selling an additional 100 ETH after the cryptocurrency market saw steep price declines in the early hours of the morning.
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Will The Altcoin Fall Below $3,000?
The price of the second-largest cryptocurrency has been moving slower than expected. While the community was anticipating a new peak for the asset, its latest price change had led them to yearn for stability. Several believe that ETH could slip below $3,000. But, data from CoinCodex suggests otherwise. The firm revealed that Ethereum will rise 15.29% from its current price to its peak of $3,601.26 the day after tomorrow, the highest price in the following five days. Along with this, CoinCodex also confirmed that ETH will remain above $3,000 and not drop below this mark.
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