Bitcoin falls, Ethereum follows. The market has apparently reacted to the bankruptcy of the Chinese real estate giant Evergrande, and the probable sale of bitcoins by Space X. While the Bitcoin price has vshovered at the $25,000 level, Ethereum returned to $1,550. The fall of BTC has led to a lot of liquidations in the cryptocurrency market. Ethereum is the altcoin that has seen the most.
Ethereum price drops 5.5% in 24 hours
Ethereum has fell more than 14% on Binance before recovering and closing the day at $1,680. THE ethereum price still fall from 5.5% in 24 hours :
Volatility is back on the prince of cryptocurrencies, in one week, the price shows a down more than 8%. Also, in one month, the course down nearly 11%. However, ETH is strong against BTC, the pair climbs 1.8% in 24 hours.
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Buyers Get Liquidated After Ethereum Price Drop
Yesterday’s movement on the market was very violent, leading to many liquidations on cryptocurrencies. In fact, the market registered more than $1 billion in liquidations. Bitcoin alone scores more than $500 million in liquidationsof which almost 400 million on the long side (buys).
Ethereum is not left out, the market records $310 million in liquidations. The violent movement having been bearish, buyers are the most affected. In total, the Coinglass site notifies nearly $260 million in liquidations on the long side.
Ethereum price to hold support at $1,750
With this large-scale movement, the price returned to the level of the support at $1,550. A closing like this would be very negative for the prince of cryptocurrencies:
The objective of buyers is to hold support at $1,750. It’s about a important pivot area who had rejected the course until March. The course has already bounced off this support, and we should continue to defend it. If so, the price could return to the level of the resistance at $2,000. On the other hand, if the price breaks the support at $1,750it could return to $1,550, or even much lower. The RSI continues to show descending lows and highs below the bearish trendline. As long as this is the case, the momentum will remain fragile.
After this large-scale movement, many liquidations were recorded in the cryptocurrency market. Ethereum sees a total of $310 million in liquidations, most of it on the long side. Price has bounced off the support level at $1550, buyers need to push for hold the level at $1,750.
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