Ethereum price sank in response to the sale the sale of 65,000 Ethereum through Uniswap. The massive squeeze had a negative impact on price of Ethereum price, leading to an euphoria among owners.

Ethereum mining becomes unprofitable for the first time since 2020

Ethereum mining has turned out to be profitable for a lot of users who are connected to the traditional energy grid. This is the first instance since the year 2020. Ethereum prices fell to a record low of $1,188 as energy prices soared. Due to the rising electricity prices for New England, Connecticut, Maine, Massachusetts, New Hampshire and Rhode Island, the cost is more then what Ethereum price for that identical GPU. Thus, miners who pay higher than $0.245 for a kWh of electricity are suffering losses.

The profit of mining Ethereum using GPUs has been declining steadily. In the present it is cheaper to purchase Ethereum rather than mining or investing in electricity.

Michael Edward Novogratz, the Director of Galaxy Investment Partners, believes that the Ethereum price is likely to fall to $1,000, and then hold that value in the current downward trend. Novogratz believes that Ethereum may be nearer to "the bottom" than US equity markets, as he stated at the Morgan Stanley conference..

Novogratz was quoted as saying

As long as I do not notice the Fed blink, or until I think that the economy is getting so bad and the Fed will have to cut its hikes and contemplate cutting, I'm not sure it's time to invest a lot of capital.

What caused the Ethereum price fell on Uniswap

On the 13th of June, on the Monday, Ethereum price on Uniswap plunged to $950 when it was it was compared with other cryptocurrency exchanges on a range of trading pairs. A huge wallet investor sold the equivalent of 65,000 Ethereum to buy stablecoins, causing an enormous squeeze of 100 million dollars of liquidity in the altcoin.

The event made Ethereum's spot price to be 20 percent lower than other exchanges for cryptocurrency. The whale was driven to buy huge amounts of Ethereum due to a liquidity risk associated with an over-leveraged position .

ETH could be used obtain 80 million DAI

The whale funded the loan using 96,700 Ethereum on Maker DAO MAKER/USD

A 130,000 ETH position was opened. ETH was made available.

As this was an excessively leveraged situation, they reduced their losses and sold over 65,000. Ethereum coin on Uniswap and lowered the price of liquidation.

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