Huobi has been flooded with $30 million in Ethereum over the past week, Ether price keeps dumping

While the Ether price has risen along with Bitcoin after the US airstrike, this market-leading altcoin still doesn’t have a good start in 2020. Ether prices are falling back from their lows as more ETH is liquidated on the exchanges.

Ether price continues to be dumped

On the first day of 2020, the price of ETH fell by more than 5%, and the momentum continued until the third day of the month. The support at $ 130 turned into resistance when Altcoin returned to the $ 125 level a few hours ago.

huobi-has-been-flooded-with-30-million-in-ethereum-over-the-past-week-ether-price-keeps-dumping

Source: TradingView

According to AZCoin News, perhaps upgrading Muir Glacier won’t help Ethereum as much as Istanbul last month. It seems that hard forks and network enhancements have had less impact on the market than before.

Since ETH fell 65% from its peak in 2019, this altcoin has not recovered as early as expected. The reason seems to come from a massive liquidation on significant exchanges. As observed by trader CryptoGainz, $ 30 million worth of ETH has flooded Huobi over the past week.

Huobi is a reasonably accessible exchange in China. And this situation seems to be the remnant of the Plus Token scam. There is a high chance that the scammers are trying to liquidate the rest of the 800,000 ETH scam. Huge Ethereum dumps occurred last month when the PlusToken wallet was emptied. It has been proposed at a time when scammers can manipulate the Ether price for a long time to come.

It seems that they are offloading their undesirable profits so that prices can recover when Ethereum’s fundamentals improve, or the cryptocurrency market rises again.

Ethereum is still solid

Apart from scammers, whales manipulating the market, and some are bearish ETH, Ethereum is robust.

A growing DeFi ecosystem based on the Ethereum network proves that ETH is growing very fast. The number of ETH locked in DeFi has reached an all-time high of 3 million, according to Defipulse.com.

huobi-has-been-flooded-with-30-million-in-ethereum-over-the-past-week-ether-price-keeps-dumping1

Source: Defipulse.com

Besides, we can dream of a bright future with Ethereum 2.0. The first phase will be implemented this year.

The full introduction of the all-new ETH 2.0 platform is still a few years away, but the first proof of stake Beacon Chain is likely to be activated later this year. This will herald an entirely new way to make money with Ethereum through running a node or placing rewards that major exchanges can offer.

Ethereum is having a hard time at the moment, but there is light at the end of the digital tunnel.

Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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