Ethereum’s price has struggled to remain above $1,100 during the week-end of trading. The coveted level it broke last week is still an important technical level and why bulls will continue fighting to keep 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.
Ethereum Liquidated to More Than $30 Million
Ethereum liquidations outnumbered bitcoin liquidations, as the price of Ethereum continued its decline. Over 28,000 ETH have been liquidated in the past 24 hours as the market falls. Given that Ethereum’s price had not reached $1,500 per unit as anticipated, this follows a general trend of market liquidation. More than $32,000,000 ETH were sold by traders over the course of the day.
This same trend was also seen in Bitcoin, the first cryptocurrency. Its liquidations reached $35 Million in that time frame. The result was 1,740 BTC transactions that were liquidated over this period. Altcoins followed the same losing trend.
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More than 118 million crypto assets have been liquidated. In the 24-hour span, more than 46,000 traders were removed. The majority of these traders are long-time traders and were following the recovery trend, which seemed to have swept the area towards the week’s end.
Is ETH fully recovered?
Ethereum is doing well recently. The crypto asset managed to fight off bears that tried to bring down its price below $1,000. It had risen above the 20-day moving mean and was now on track for a bullish turn for the first month in a row.
Trending in Ethereum above $1,100| Source: ETHUSD on TradingView.com
But this was short-lived. The weekend’s low liquidity had already impacted the digital asset. ETH fell below $1200. It is still struggling to hold $1140 after it lost the battle for support at $1160.
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It now places the $1,100 support, which is where the bulls have been building up. It has also moved its resistance level backwards to $1,277, which could trigger a tug-of-war. As such, ETH’s immediate future remains hard to predict.
Featured image taken from Payments Journal. Charts from TradingView.com
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