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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Liquidations Ramp Up As Price Struggles To Hold $1,100

Best Owie
Best Owie
2 years ago
2 mins read
Ethereum

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As the market ushers in another week of trading, the price of Ethereum has been struggling to hold above $1,100. This coveted point which it had broken last week remains an important technical level, which is why bulls continue to fight to hold it. However, with the decline of the digital asset’s price below $$1,200, its liquidations have been ramping up and in the last four hours, it had briefly surpassed bitcoin as more traders lose their positions.

Over $30 Million Ethereum Liquidated

Ethereum liquidations shot past bitcoin liquidations as its price continued to decline. In the last 24 hours, there have been more than 28,000 ETH liquidated as the market declines. This follows the general liquidation trend in the market given that the price of Ethereum had failed to test $1,500 as expected. In total, more than $32 million ETH had been liquidated from traders across the last day.

The same streak was recorded in the pioneer cryptocurrency, Bitcoin, whose liquidations had reached $35 million in the same time period. This translated to 1,740 BTC positions liquidated in this time period, and other altcoins had followed the same losing streak.

Related Reading | Bitcoin Funding Rates Are Climbing As Price Continues To Struggle

In total, the crypto market has seen more than 118 million in liquidations. While over 46,000 traders have been rekt in the same 24-hour period. Most of these traders have been long traders who were seemingly following the recovery trend that had rocked the space towards the end of last week.

Is ETH In Full Recover?

Ethereum has been doing quite well lately. The digital asset has been able to fend off the bears which have tried to drag down the price below $1,000 and had maintained the fight through last week. This had brought it above its 20-day moving average and had set it for a bullish trend for the first time in a month.

Ethereum price chart from TradingView.com

ETH trending above $1,100 | Source: ETHUSD on TradingView.com

However, this was only short-lived as the low liquidity of the weekend had gotten to the digital asset. ETH had fallen below $1,200 and even now continues to struggle to hold $1,140 after losing its fight at the $1,160 support.

Related Reading | Crypto Traders Lose $280 Million Following Bitcoin’s Break Above $22,000

This puts the next support at $1,100, where the bulls have been mounting up. However, it has also pushed its significant resistance point backward to $1,277 which would trigger a tug of war. As such, ETH’s immediate future remains hard to predict. 

Featured image from Payments Journal, charts from TradingView.com

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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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