Ethereum Plunges by 10% and Hits $100 Million in Liquidations, Heres Why - BitcoinEthereumNews.com
Arman Shirinyan Ethereum bulls lost fight for $1,600 price range and now consolidate at $1,500 Ethereums recovery rally ended quite unexpectedly as the price of the second biggest cryptocurrency on the market dropped massively after the opening of the Asian mga merkado. As the chart shared by Alex Kruger suggests, we saw a relatively large selling volume on the market as Asian bears started actively selling their ETH holdings, pushing the liquidation volume on the Ethereum market to almost $100 million. Asia woke up and chose to run everybody‘s stops. That’s a 10% 1-day round-trip for ETH. - Alex Krüger (@krugermacro) Hulyo 25, 2022 Within a one day, Ether lost almost 10% of its value, which marks the third unsuccessful attempt by the cryptocurrency to break the $1,600 threshold. While Ether managed to gain a foothold above the 50-day moving average, the fate of the recovery rally is questionable, as ETH canot reach new highs. Ads Some traders believe what we see on the cryptocurrency market today is a bear trap that will become a catalyst for another reversal, which is going to push the price of the first cryptocurrency to new lows. Deflation is not enough for Ethereum With the upcoming Merge update, Ethereum will finally become deflationary