If the price of Ether (ETH) drops below $3,100, the cryptocurrency market could witness the liquidation of leveraged long positions amounting to over $212 million. Within a 24-hour period leading up to 10:40 am UTC, Ether experienced a 9.3% decline, reaching $3,254. Over the course of the week, Ether has decreased by more than 18%, and a drop to $3,100 would result in the elimination of long leverage worth over $212 million, as reported by Coinglass data.
Coinglass data also suggests that if Ether falls below the psychological level of $3,000, liquidations could rise to $237 million. The recent volatility in prices has led to a total of $624.4 million in liquidations within the past 24 hours. These fluctuations primarily affected long positions, resulting in the liquidation of $514 million worth of long positions and $110 million worth of short positions.
In the past day, OKX exchange witnessed the highest amount of liquidations at $90.8 million, followed by Binance with $79.9 million and Bybit with $23.4 million, according to Coinglass data.
According to a Bitfinex Analyst report shared with Cointelegraph, Bitcoin’s significant pullback from March 14th may test institutional appetite, potentially leading to a period of price recalibration in the broader cryptocurrency market.
Additionally, Bitfinex reports that there has been a record high of 154,000 Ether moving off crypto exchanges on March 11th, resulting in a decrease in available supply on exchanges. This reduction in supply could potentially contribute to an upward movement in price.
In related news, a mysterious Bitcoin whale, known as “Mr. 100,” has become the 14th-largest holder of BTC.