Ethereum is experiencing significant selling pressure, briefly dropping its price below the $2000 level.
Ethereum Price Barriers Sustain
The $2000 level has been a key support for Ethereum's price despite the recent bearish pullback. Traders expected a bounce back at this level, driving interest in leveraging.
Ethereum Market Liquidations
According to Coinglass, over $90 million in long positions were liquidated over the last 24 hours, a stark increase from $12.14 million observed the previous day. Long liquidations were significantly higher compared to shorts.
Will Ethereum Bounce Back?
The recent retest showed a reduction in selling pressure. Large buy positions have strengthened support just under $2000, suggesting a potential for recovery, though the risk of further declines persists.
The market remains uncertain, and future developments will depend on the strength of the $2000 support and investor sentiment.
