A massive wave of cryptocurrency sales has once again triggered strong liquidations, exceeding $1.1 billion for the second time this week. The cryptocurrency market has been affected by significant turbulence in the last 24 hours, with 233,337 traders liquidated and total liquidations amounting to $1.06 billion, ahead of the massive expiration of $23 billion in cryptocurrency options.
The largest individual liquidation occurred on Hyperliquid, where an ETH-USD order worth $29.12 million was closed, according to data from Coinglass. Ethereum's contribution to total cryptocurrency market liquidations in the last 24 hours amounts to the impressive figure of $409 million. Bitcoin (BTC) currently ranks second, with $272 million in long liquidations.
On the other hand, outflows from spot Ether ETFs have surged to over 250 million dollars, with Fidelity's FETH recording the highest outflows at 158 million dollars. This shows that institutional sentiment around ETH has rapidly decreased. Interestingly, the launch of the first Ether staking ETF has not significantly contributed to changing market sentiment.
The cryptocurrency analyst Ted Pillows described critical support and resistance levels for Ethereum (ETH) amid increased market volatility. According to Pillows, ETH maintains support close to $3,822, its recent low. A drop below this level could push the price towards $3,700-$3,750. With ETH's price falling below the $4,000 support, Peter Schiff issued a warning to investors. However, others see this as an opportunity to buy on the dips.
On the positive side, Pillows noted that resistance is between $3,960 and $4,000. The analyst pointed out that ETH is entering the buying zone.
The cryptocurrency analyst Michael van de Poppe highlighted the technical setup of Ethereum (ETH). He pointed out a significant gap between the 20-day exponential moving average (EMA) and the approaching 20-day weekly EMA. Van de Poppe stated that these signals suggest that the market may be reaching the bottom of its current correction. He added that the conditions present a possible buying opportunity for investors.
