Despite the recent decline in ETH‘s price, bulls are still holding on to the key technical level of $1,100. This resistance level represents the peak of the bull run. Due to the sudden decline in its price, many investors have started to let go of their positions.
Over $30 Million Ethereum Liquidated
Liquidations in Ethereum have surpassed those of bitcoin as the price of the cryptocurrency continued to fall. In the last 24 hours, more than 28,000 ETH have been liquidated.
The liquidation trend in the market is due to the failure of ETH in testing the $1,500 mark. Over $32 million worth of ETH was liquidated from various traders during the last day.
Bitcoin’s liquidations reached $35 million during the same period, and altcoins followed suit. In total, 1,740 BTC positions were liquidated, and other digital assets had also lost their way.
Over 120 million liquidations have been reported in the crypto market in the past 24 hours. While over 46,000 traders were rekted, most of these were long-term investors following the recovery trend during the last week.
Big Ethereum Whales Scoop up Metaverse Tokens
According to data collected by WhaleStats, the largest whales on the Ethereum network have been jumping into various altcoins related to the metaverse sector over the past week.
According to WhaleStats, The Sandbox is currently the most frequently purchased metaverse altcoin among the thousands of whales in Ethereum.
In the last seven days, the price of Sand (SAND) has increased by 10%. It is currently 86% cheaper than its all-time high of $8.40, followed by the crypto asset APE, which was airdropped to the members of the Bored Ape yacht club.
The largest 5,000 whales in the network have been purchasing 81 APE worth around $390 in the last seven days. In second place is Decentraland, while the third-largest group of whales is dipping into the project known as Managua. At present, the average purchase amount of Ethereum whales is around 372 tokens. Compared to its competitor, Sand, Managua is down 85% from its all-time high but is up 4% weekly.
Is ETH In Full Recover?
Since the beginning of the month, Ethereum has been performing well. It was able to fend off the bears and maintain its upward trend. This week, it reached its 20-day moving average, which boosted it and set it on a stronger path for the future.
This brief spike in liquidity was only temporary as the weekend’s low liquidity quickly got to the digital asset. After falling below $1,200, ETH is struggling to hold $1,140, as it lost its fight against the $1,160 support.
The support level at $1,100 is the next major support for ETH, while the resistance at $1,277 is a potential trigger for a tug-of-war. As such, its immediate future is still uncertain.
Bitcoin Price Reaches Support
Despite attempts to close above the $22,000 mark, the bears were still active. It led to a steady decline, and the price eventually fell below the $21,500 level.
The price fell below the 50% Fibonacci level of the upward movement from the $19,300 swing low to the $22,498 high. It trades below the 200-day simple moving average and the $21,500 level.
The price of Bitcoin is testing the $20,500 support zone. On the other hand, a bullish trend line is forming on the currency pair’s hourly chart, pointing to the support area around $20,520. The trend line is also near the 61.8% Fib level of the upward movement from the $19,300 swing low.
If Bitcoin price breaks above the trend line and closes above the $20,800 level, it could eventually reach the target of $21,250. On the upside, the price is expected to test the resistance area around $20,850 and the 200-day simple moving average.
If the price closes above the $21,250 resistance area, it could trigger a move towards the $22,000 level. A break above this level could also move toward the next major resistance level, the $23,200.