- ETH dropped by 8% despite ETH ETF US debut.
- The ETH is under pressure, but analysts have mixed opinions.
Ethereum [ETH] After a global meltdown in US stocks that has reportedly destroyed over $1 trillion worth of value, the stock market dropped by more than 7% intraday on Thursday 24th July.
The largest altcoin has been consolidating under $3.5k both before and after US Spot ETH ETF debuted. It is now getting closer to $3000.
The performance is remarkable. ETH ETF It’s clear that the huge plunge in the price of Ethereum hasn’t stopped. What’s the reason for Ethereum being down?
The market observers were divided on their opinions. According to HsakaThe US stock market collapse could have caused ETH to drop in price, according to, a well-known altcoin investor and analyst.
‘Ethereum finally gets integrated with TradFi. Nasdaq’s worst closing in two years within 24hrs. $1.1 trillion was wiped off the US Stock Market today.
Charles Edwards of Capriole Investments, a crypto hedge fund, said that the drop was expected. Edwards argued that the ETH ETF was ‘bad‘ Both Bitcoin and ETH.
‘The ETH ETF launch has been bad for BTC and bad for ETH. ETH’s been stagnating this whole cycle. Now, the ETF’s launch has muddied up the water at an institutional level.
Ethereum decline triggers $100 Million Liquidation
Over $100 million was liquidated in just 24 hours due to the 7% drop. The leveraged bulls were the worst affected.
Coinglass’ data shows that long positions totaling $97.5 millions were reversed, while the bears saw a slight blip worth $4.15. million.
Coinglass
Key as of this time is key derivatives signalsFrom volume to rates of open interest, all were red. This reflected a negative sentiment in the futures market.
If the market continues to be negative, the ETH rate could continue to fall into the weekend.
It is likely that a test of $3000 will be made if downward pressure persists. In 2024 the psychological level will be a critical demand area and was successfully defended in past drops.
The demand could drop as fast as $3k if the daily candlesticks close below 20-day SMA.
TradingView: Source for ETH/USDT
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Source: ambcrypto.com
