Celsius and FTX Begin Ethereum Liquidation
Adekunle Joshua
Celsius and FTX, two major bankrupt crypto firms, are liquidating substantial amounts of Ether, totaling over $150 million in a week.
Celsius still holds about $1.4 billion in ETH, indicating that the liquidations are expected to continue.
FTX/Alameda is also offloading crypto assets, including $8 million in ETH, in an effort to recover $3.4 billion in cryptocurrency assets.
Ethereum's fundamental analysis suggests a potential crash due to the ongoing selling pressure.
On the technical side, there is a possibility of a 40% rally, with a target price of $3,500.
The fate of Ethereum is closely tied to its price action around the $2,460 level.