After a demonstration of strength in recent weeks, Ethereum fell below $2,000 for a brief moment. The cryptocurrency appears to have recovered, but the crypto market could still encounter some resistance to return to pre-crash levels.
A report by Wu Blockchain claims that the ETH price has barely escaped a bigger fall. Data provided by Philippe Castonguay shows that Justin Sun, CEO of the Tron Foundation, has a $ 1 billion position on the Ethereum-based Liquity protocol.
This 606,000 ETH position was almost liquidated and could have caused the price to crash below $1,500, or about $1,000, due to its size. Castonguay said:
