The overall market structure has shifted to the downside, with no clear signs of a likely trend reversal. In the early hours of today’s trading, Ethereum fell to $1,462, its lowest level since January 2021, indicating yet another evidence of a bear market.
Amid the bearish market sentiments, hundreds of thousands of crypto traders are liquidating their positions as Ethereum (ETH) and the rest of the digital asset markets see yet another massive sell-off. More than $521 million worth of ETH holdings have been liquidated in the previous 24 hours, according to data from cryptocurrency futures trading and research portal Coinglass.
Traders speculating on a relief rally took the brunt of the sell-off, as over $443 million in long bets were wiped out over the course of the day. Traders expecting further losses were also not spared by the volatility, as $86 million worth of short positions were crushed in the same span.
As bears gain control of the cryptocurrency markets, Coinglass reports that Ethereum traders lost 168,000 ETH worth almost $245 million between June 11th and June 12th.
ETH Drops to it’s lowest level!
Ethereum has lost 20% of its value in the last three days and has underperformed Bitcoin. The price of ETH has dropped to its lowest point since March 2022. It’s difficult to say whether the market has reached a bottom right now.
The next significant level of support is projected around $1300 after breaking below the horizontal support around $1540. At the time of writing, Ethereum is trading at $1,526, with a gain of nearly 0.5 percent in the last 24 hours.
Bitcoin follows closely behind ETH. Bitcoin traders lost almost 4,100 BTC worth $112.47 million in the last day, according to Coinglass data. In under 24 hours, 180,389 crypto traders were liquidated.