Ethereum (ETH) price on Wednesday fell 4% after the U.S. Federal Reserve’s 50 bps rate hike decision and hawkish projections. The ETH price fall extended on Friday after a Binance spokesperson reported that auditing firm Mazars, which released proof-of-reserves for Binance and other crypto firms, has abruptly paused services for crypto exchanges.
Ethereum price plummeted over 5% in an hour after the news. The ETH price is currently trading at $1,212, down over 6% in the last 24 hours. The 24-hour low and high are $1,210 and $1,287, respectively.
According to data by Coinglass, Ethereum recorded nearly $41 million in total liquidations. Over $40 million longs and 1.5 million shorts were liquidated. Over $30 million longs were liquidated in just an hour, which caused the sudden fall in ETH price today. This is the largest liquidation witnessed yet in December.
Crypto exchanges OKX, Binance, Huobi, CoinEx, and Bybit saw the largest ETH liquidation, with an average 95% liquidation of longs. OKX recorded $22.07 million in total ETH liquidations and Binance recorded $10.68 million in total ETH liquidations.
In the past 24 hours, 31,942 traders were liquidated and the total crypto liquidations are at $112.54 million. The largest single liquidation order happened on Binance, with ETHUSDT value of $5.52 million.
On-chain platform Glassnode revealed on December 16 that the Futures Contracts Long Liquidations just reached a 3-month high of $6,658,225.15 on Binance. The last time a 3-month high of $5,833,448.18 long liquidations was observed on November 8, before the FTX crisis.
Popular crypto analyst Michael van de Poppe earlier predicted that the crucial resistance for Ethereum is at $1,325. If the ETH price breaks above the resistance level, $1,550 is most likely. Moreover, he shared support levels in the range of $1,280-$1,300.
However, the ETH price has fallen below support levels and currently trades near $1,200. Whale accumulation and crypto market sentiment will drive ETH price in the next few weeks.
Also Read: Can BTC Miners Survive Amid Bitcoin Price Drop? On-Chain Report
The post Just-In: Ethereum (ETH) Price Records The Largest Liquidation Of December appeared first on CoinGape.
- Mobile app
- Telegram Channel
- Telegram Group
- Binance Referral Link
- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks