LONDON (IT BOLTWISE) – A hacker recently sold 9,240 Ethereum, suffering a loss of $4.56 million. This transaction took place during a market crash that caused the Ethereum price to fall by 14%. The incident highlights the risks of emotional decisions in volatile markets.
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In a notable incident in the cryptocurrency market, a hacker sold 9,240 Ethereum, incurring a loss of $4.56 million. This transaction occurred during a market crash that caused Ethereum price to fall by 14% to $3,680. Analysts have noted that the hacker had purchased the same amount of Ethereum at a higher price just days earlier, making the loss even more painful.
The hacker had acquired the Ethereum holdings at an average price of $4,269, for a total outlay of about $39.45 million. Selling quickly at a lower price shows the emotional reactions that can be triggered by volatile markets. Such panic selling is often the result of a lack of trading strategies, especially among players in the illegal market.
Technical indicators suggest that Ethereum continues to face short-term selling pressure. The Relative Strength Index (RSI) is at 36, while the 50-day Exponential Moving Average (EMA) is at $4,200, representing a significant resistance point. Despite the price drop, trading volume has increased by 28.28% in the last 24 hours, suggesting that both large and retail investors are taking advantage of the opportunity to reposition themselves.
Market observers note that while such sales and liquidations can be painful in the short term, they often readjust the market, which can lead to new accumulations. The incident highlights the psychological impact of market crashes, even on experienced players in the cryptocurrency space. As Ethereum continues to fluctuate between $3,600 and $3,800, traders are waiting to see if the price can recover above the $4,000 level.
These events serve as a reminder that emotional trading decisions, especially in unstable environments, can result in significant losses. Even notorious players in the cryptocurrency scene are not immune to the risks associated with rash decisions in a volatile market.
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