Ethereum (ETH) Price Suffers, Liquidations Face Massive Drop!
- The bears seem to have taken the week off.
- The data confirms a daily total of $157.16 million in liquidations.
The Ethereum price crashed Monday with the rest of the crypto market. Many liquidations throughout the space experienced price stress. The brutal sell-off on Monday sparked short volatility in the second most valuable asset. A wave of liquidation sent the ETH price down to $4,300, a 7.65% loss.
After the EIP-1559 London hard fork update, the altcoin leader has seen the most sell-offs. Meanwhile, Ethereum’s price faces a critical point, followed by a wave of liquidations.
Big Sell-off Trend
After reaching $4,859.50, trading in the second most valuable crypto has turned turbulent. It’s down almost 13% since then. The newest Santiment report supports the big sell-off trend. Bears seem to have taken the week off, as the greatest dormant circulation days reached ATH on Monday. For the first time in five years, the altcoin moved 1.82 million addresses. The data also shows about 2 million ETH moving between Kraken wallets.
Traders are in danger due to the consistent liquidations. Most supporters and netizens believe the current dump technique might spark a rally for altcoins with large market capitalization. Rather, they blame the recent drop on increased regulatory compliance across the board.
The data confirms a daily total of $157.16 million in liquidations. If bulls don’t purchase the altcoin in the next several days, Ethereum’s price will plummet. However, it might reach new milestones above $5k if it quickly switches to Proof-of-Stake.
While encouraging the use of the asset, the network must also develop a system to protect traders against unforeseeable losses. And educate them on the hazards associated so it can attract a large user base.According to CoinMarketCap, the Ethereum price today is $4,249.13 USD with a 24-hour trading volume of $26,812,680,572 USD. Ethereum is down 7.56% in the last 24 hours.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
