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Ethereum Plummets from Its Monthly Peak: Liquidations Exceeding $870 Million Ignite

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Ethereum Plummets from Its Monthly Peak: Liquidations Exceeding $870 Million Ignite the Drop

Ethereum Plummets from Its Monthly Peak: Liquidations Exceeding $870 Million Ignite the Drop

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5 Hours Ago

Cryptocurrency News

Ethereum Plummets from Its Monthly Peak: Liquidations Exceeding $870 Million Ignite the Drop

The price of Ethereum (ETH) dropped by more than 5% within 24 hours to settle around $4,255, marking a sharp decline of over 10% from its monthly peak above $4,759.

The drop came after a massive wave of liquidations in the market, as Coinglass data revealed liquidations amounting to over $870 million in a single day, with more than $210 million pertaining to Ethereum alone, which intensified selling pressure.

Moreover, U.S. traded funds for Ethereum (ETFs) experienced significant outflows, with one reaching $272 million, indicating profit-taking after a strong rally that lifted the currency's gains by over 60% this month.

The pressure was not limited to Ethereum, as Bitcoin fell by more than 2%, while major currencies like Solana and Ripple dropped by about 5%, amid anticipation for Federal Reserve Chairman Jerome Powell's speech and what signals it may carry regarding interest rates.