🛑 Why is Ethereum ($ETH ) Price Crashing Today? 📉
The Ethereum price recovery falls short as the sideways move dominates the altcoin. Despite the bullish attempts and whales’ involvement, the bearish trend remains active.
Besides, the rest of the altcoins are in a similar state, struggling amid growing market uncertainty, but what’s fueling the ETH price’s downfall? Let’s discuss.
With the investors’ declining interest and other factors working against Ethereum, its price has crashed by 1.5% today.
However, this is a second dip in the last 24 hours, currently trading at $1,803 with $10.52 billion in trading volume, up by 12%, showcasing high volatility.
The ETH price declined from $1,840 to $1,785 before making a complete recovery, but crashed again a few hours later, showcasing dominating bearish trends.
The Coinglass data reports that the traders are being wiped out amid massive liquidation, where $37.45 million positions have been liquidated.
This happened as the long overleveraged position was wiped out amid the pullback. Moreover, the open interest is declining, suggesting a forceful closing of positions as traders bet on the upside, and the downward move ruins the trade.
There’s strong uncertainty in the market as Vitalik Buterin highlights Layer-2 security concerns, but the long-term outlook is bullish.