Recent events in the cryptocurrency market have led to mass liquidations and price fluctuations, especially concerning Ethereum. Let's explore the current situation in more detail.
Crypto Market Under Pressure
The cryptocurrency market has faced several difficulties, leading to the liquidation of assets worth $458.61 million in just 24 hours. Ethereum was hit the hardest, liquidating positions worth $170.78 million, with $157.03 million accounted for by long positions.
Exchange Inflows Increase
Data from Santiment shows a sharp increase in Ethereum inflows to centralized exchanges, typically indicating holders' intent to sell their assets. This influx may suggest panic selling or aggressive profit-taking, adding further pressure on prices.
Ethereum Price Analysis
At the time of writing, Ethereum is priced at $2,444.01, down 4.15% in the last 24 hours. Trading volume has surged by 44.75% to $20.99 billion, confirming high market activity. Technical analysis indicates that ETH has recently rebounded off the lower Bollinger Band, suggesting buyer support at lower levels.
The situation in the crypto market indicates significant volatility and uncertainty. While Ethereum shows some signs of buyer activity, users should remain cautious.
