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


As the market enters another week of trading, Ethereum price has been struggling to stabilize above $1,100. This coveted point that was breached last week is still an important technical level, which is why the bulls continue to fight to hold it. However, with the price of the digital asset dropping below $1,200, liquidations increased, and in the past four hours, the price of Bitcoin briefly surpassed as more traders lost their positions.

More than $30 million has been liquidated from Ethereum

Ethereum liquidations have outpaced Bitcoin liquidations as its price continues to decline. In the last 24 hours, over 28,000 ETH liquidated as the market slumped. This follows the general liquidation trend in the market as Ethereum price failed to test $1500 as expected. In total, more than $32 million of ETH has been liquidated from traders over the past day.

The same streak was recorded in the leading cryptocurrency, Bitcoin, whose liquidation reached $35 million in the same time period. This translates to a liquidation of 1,740 BTC positions in this time period, and other altcoins have followed the same losing streak.

Related reading | Bitcoin Funding Rise As Price Struggle Continues

In total, the crypto market has seen more than 118 million liquidations. While more than 46000 traders were reacquired in the same 24 hour period. Most of these traders were long position traders who were apparently following the recovery trend that rocked the space at the end of last week.

Is ETH in full recovery?

Ethereum has been doing well lately. The digital asset was able to fend off the bears who tried to bring the price below $1,000 and kept fighting last week. This took it above its 20-day moving average and put it in an uptrend 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 only lasted a short while as the weekend’s low liquidity reached the digital asset. ETH fell below $1,200 and so far is still struggling to hold $1,140 after losing its battle at the $1,160 support level.

Related reading | Cryptocurrency Traders Lose $280 Million After Bitcoin Breaks Above $22,000

This puts the next support at $1,100, where the bulls have been on the rise. However, it also pushed an important resistance point back to $1,277 which could lead to a tug of war. As such, it is still difficult to predict the near future of ETH.

Featured image from Payments Journal, charts from TradingView.com

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