ETH managed a sharp rebound after falling to $950. But the ETH/USD bearish continuation setup could have it revisit it.
Ethereum's native token Ether (ETH) fell to as low as $950 on Uniswap—a decentralized crypto exchange— this June 13, about 20% lower than its spot rate across other exchanges.
The incident happened at around 3:00 am UTC after a whale dumped 65,000 ETH for multiple "stablecoins," including USD Coin (USDC), Tether (USDT) and Dai (DAI).
A piece of evidence noted that the whale sold its ETH holdings to pay off nearly $73 million worth of debt at Oasis.app, a DeFi lending platform.
The duration of the sell-off saw ETH's liquidation price dropping from $1,200 to $875.
The Oasis borrower continued the selling spree—dumping another stash of nearly 28,000 ETH five hours after the first selloff—to pay back another $32 million in debt.
Ether's trip to $950 was brief, suggesting adequate demand for the tokens near the level.
If ETH price retraces upward, the token's interim bull objective might be near $1,450, corresponding with the 1.00 Fib line of the Fibonacci re
tracement graph from $1,450 to $84.