The Ethereum market has shown price fluctuations over the past four weeks, with recent events leading to significant position liquidations. Let's review the current state and future of the cryptocurrency.
State of the Ethereum Market
Ethereum is trading below the support level, reaching $2190, indicating deteriorating investor sentiment amid geopolitical risks.
Investor Activity
Recent data revealed that liquidations of long Ethereum positions surged above $320 million in the last 24 hours. The total liquidation volume was around 365,000 ETH, equivalent to over $803 million.
Outlook for ETH
High market volatility has created opportunities for accumulation among large investors. Ongoing uncertainty in world politics continues to suppress bullish sentiment, with the potential for ETH to drop below $2000.
In the face of increasing volatility and geopolitical uncertainty, the Ethereum market confronts significant challenges. However, the activity of large investors may herald a potential turnaround in the future.
