Ethereum survives series of massive liquidations and selling pressure
content
- a wild market ride
- Traders still like to take profit
Ethereum has successfully got to know Its investors say that it has the potential to grow, despite going through the strongest sell-off in the asset’s history following the liquidations of large institutional investors such as 3AC, Celsius and others.
a wild market ride
Over the past eight days, Ethereum has increased its value by almost 40%, if we measure the outcome of the current rally from the absolute bottom reached back on June 18. Such a strong increase was most likely driven by the concentration of “buy” orders at $900.
I #ethereum Enjoying a good weekend growth, and the #2 market cap asset price is now up +30% over the last week. There appears to be considerable leverage on this medium-sized buoy, and low whale activity indicates it is not coming from them. https://t.co/MsZUhgjwCR pic.twitter.com/NWFMmWFRGq
— sentiment (@santimentfeed) 25 June 2022
Most traders were actively looking for a full entry into Ethereum, which was higher than possible after the asset fell below $1,000 and then faced even greater selling pressure leading to a drop to the $800 range. I.
The massive liquidation volume and lack of liquidity allowed investors to push the price of the second-largest asset in the market back to $1,200, despite Ether’s market cap remaining below June 1 levels.
Traders still like to take profit
Unfortunately, a 30% price increase is not enough to support the asset for traders and investors alike as their on-chain activity shows that most ETH holders are actively taking profits, which creates additional pressure on the asset. and prevents them from breaking local. resistance level.
Fortunately, the activity of Ethereum whales remains relatively low, indicating that selling is not coming from them and the asset still has a chance to show upward volatility as sales volumes remain relatively low.
At press time, Ethereum is hovering around the $1,200 price range and consolidating over the weekend due to lack of trading volume.