The selling wave in Asian markets hit the crypto market hard. While Bitcoin and altcoins saw losses of 6-12%, ETH fell 13.5% to $1,550. A total of $900 million in liquidations occurred. The $6 trillion loss in U.S. stock markets created pressure on risky assets. 

Outflows in Ethereum ETFs 

Ethereum ETFs in the U.S. recorded outflows of $82.47 million over seven weeks. This indicates waning investor interest. Galaxy Digital’s deposit of $79.37 million worth of ETH to Binance and Coinbase was perceived as a sell signal. 

Ethereum Foundation Sales 

On April 22, the Ethereum Foundation sent 1,000 ETH to Kraken. This move created additional selling pressure on the price. Similar sales in the past have triggered short-term price drops. 

READ: CZ Proposes Crypto Reserve Plan for Kyrgyzstan!

Analysts’ Comments and Technical Analysis 

Analyst Peter Brandt predicts ETH could fall to $800. Noting that the price is exhibiting a descending triangle pattern, Brandt highlights a 46% annual loss. Rekt Capital emphasizes that holding the $1,600-$2,000 range is critical. He adds that the RSI at 78 signals “overbought” conditions, suggesting a potential pullback. Benjamin Cowen states that ETH could drop another 10-15% before a recovery. 

Positive Signals for Ethereum 

Fidelity suggests that ETH’s 45% Q1 decline could be a bottom signal. On-chain data indicates the price is undervalued. Whale purchases of 15,563 ETH strengthen recovery expectations. 

The Ethereum price crash stems from market sell-offs, ETF outflows, and Foundation sales. Analysts highlight the $1,600 level as critical. Whale purchases and on-chain data provide hope for recovery. Glassnode reported that whales bought 15,563 ETH, increasing hopes for a recovery at the $1,600 level. CoinGlass’s on-chain flow analysis shows net inflows turning positive, with whales buying at dip levels. However, one whale sold 2,056 ETH, opening a $3.72 million short position, reflecting uncertainty. 

***Not Investment Advice ***

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The Boge (BOGE) team confirmed the attack in a tweet on May 27th. The team’s statement explained that attackers exploited a similar vulnerability as in the recent meme coin Normie hack.

Blockchain data shows that an account ending in “bAOC” initiated over 120 transactions on Base on May 27th. Each transaction resulted in the transfer of hundreds of thousands of BOGE to the account, totaling 91.4 million BOGE stolen.

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After stealing the 91.4 million BOGE, the attackers converted them into 4.47 Ethereum worth $16,926. According to CoinGecko data, the price of BOGE plummeted by around 95% after the attack, effectively wiping out its value.

The team’s statement assured investors that a snapshot of all current holders has been taken and the project will be relaunched:

We have taken a snapshot of all current holders and are preparing to relaunch the project. Our primary focus is to ensure that everyone is well taken care of during this transition. We will be redistributing the total BOGE token supply to all holders for free.

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Launched just days ago, FRIEND initially soared to a high of $169 on decentralized exchanges before plummeting to $3.26.

Airdrop Recipient Triggers Sell-Off

A key factor in the token’s decline is believed to be the actions of the largest airdrop recipient, who cashed out their holdings within hours of receiving them. This triggered a wave of investor panic, leading to a further drop in FRIEND’s price to $1.32.

Community Concerns Mount

Crypto enthusiasts have taken to social media to criticize Friend.tech’s team for failing to provide adequate liquidity for the project. The lack of liquidity, they argue, has made it easy for large holders to manipulate the price, leading to the current downward spiral.

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