Ethereum falls to 10-month low as sell-off intensifies

Ethereum has been on a downward trend along with the rest of the market. Most notable is the movement of digital assets over the past 24 hours. Ethereum, which has been holding above $2,000, has finally succumbed to bear pressure. This caused it to lose about 20% of its value in a day and effectively pushed it back to the $1,600 level. The driving force behind this remains the same. Massive sell-off.

Ethereum Investors Want to Exit

Investors in ether, the second-largest cryptocurrency by market capitalization, have been liquidating their holdings quickly over the last week. This has been in the works for a long time, but no one could really predict how bloody the market would become. Following the lead cryptocurrency Bitcoin, the value of Ethereum has dropped significantly, but what is more interesting is the number of sell-offs that have caused the price of the digital asset to plummet.

Related reading | Bitcoin sell-off increases miner fee income

Ethereum import It has now hit a three-month high. This suggests that investors are liquidating their holdings as quickly as possible. Exchange inflows to Ethereum’s 7-day moving average are currently at $38,873,883.27, surpassing the three-month high set on May 5, 2022.

Every day, this number also Exceeded expectations and continued to contend with capital outflows. Glassnode reports that daily inflows and outflows of ETH are currently at $1.6 billion, with a net inflow of $30.8 million, meaning that inflows are still higher than outflows.

Elsewhere, traders are making the same decisions as investors holding digital assets.Liquidations have been high recently coin glass Ethereum liquidations topped $350 million in a 24-hour period, the report said.

Ethereum falls below $2,000 | Source: ETHUSD on TradingView.com

This is also Reflected in the ETH futures market. Liquidation in this part of the market has now reached a new six-month high on leading cryptocurrency exchange Binance. Glassnode observed that the previous six-month high was $3,882,796.27, but the figure currently stands at $4,393,678.09.

worse news

Ethereum indicators are showing signs of a bear market from every angle.this Last active supply on the 24-hour moving average It has reportedly reached a new 5-month high and is currently sitting at 1,083,569.884 ETH which was active in the last day. This suggests that investors are moving more ETH to exchanges to sell.

Related reading | Bitcoin funding rates remain unchanged despite plummeting to $30,000

Open interest in perpetual futures contracts for the digital asset reportedly hit a new nine-month low on Bybit and a 19-month low on Bitmex.

Digital assets continue to trade in red. At the time of writing, ETH is trading at $1,900. Its current total market capitalization of $229 billion is the lowest in 10 months.

Featured image from CYBAVO, chart from TradingView.com



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