Tuesday, July 16, 2024

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Ether Chart Levels and Rising Liquidations: What to Watch

The world of cryptocurrency is in turmoil as Ether (ETH), the second-largest cryptocurrency by market capitalization, experienced a sharp decline, trading near a two-month low. This sell-off was part of a broader market downturn fueled by concerns about a potential flood of coins from the defunct Japanese exchange Mt. Gox.

Adding to the selling pressure, Ether long positions worth nearly $180 million were liquidated over the past two days, marking the highest two-day period of forced sales since mid-April, according to data from analytics site Coinglass.

Since reaching a peak in early March, Ether has mostly been rangebound between $3,900 and $2,900, establishing key support and resistance levels. However, the cryptocurrency breached the closely watched 200-day moving average on Thursday and dropped below $2,900 on Friday morning.

Analysts are now closely watching key levels on the Ether chart, with the $2,600 area being the first level of support. A break below this level could lead to a further decline to $2,150. If selling pressure intensifies, Ether could potentially drop below the $2,000 psychological level to $1,950.

Investors and traders are advised to keep a close eye on these chart levels as the cryptocurrency market continues to face volatility and uncertainty.

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