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The ETH price decline has led to consecutive long liquidations.
ETH has declined by over 3% in the last three days.
As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility. The recent Ethereum [ETH] price decline and consecutive long liquidations have been a tough blow for me and many other investors in the community.
Recently, Ethereum [ETH] saw a series of upward price movements that came very close to reaching its previous record high. Yet, there was a shift in market sentiment leading to a reversal trend, causing substantial losses for investors who had bought and held over the last several days.
Ethereum uptrend stalls
Over the past three days, Ethereum’s daily analysis shows a succession of price declines.
Lately, there have been price drops after previous gains, pushing ETH‘s value to approximately $3,890 on the 27th of May. At present, Ethereum is being exchanged around $3,740, representing a minimal decrease of almost 1%.
Despite a recent downturn, Ethereum’s long-term trajectory has been upward, as signified by the trendline in the graph. At present, the cryptocurrency is trading above its short-term moving average (represented by the yellow line), suggesting a favorable outlook.
As an analyst, I’ve examined the stock’s Relative Strength Index (RSI), and my assessment reveals a value surpassing 60. This finding underscores the current robust uptrend.
Ethereum long traders take hits
Based on the examination of Ethereum liquidation records on Coinglass, there has been a rise in the number of long positions being liquidated in recent days.
As a crypto investor, I noticed that on May 28th, around $31.6 million worth of long positions were liquidated when the price started declining.
As a researcher, I discovered that the value had increased significantly since the previous day. It was approximately $17.5 million then, but now, at the time of writing this, it has surpassed $8 million.
Over the past three days, the accumulated long liquidation volume has exceeded $57 million, whereas the short liquidation volume only reached approximately $18 million.
Ethereum Open Interest remains high
As a crypto investor, I’ve noticed that despite the recent dip in Ethereum’s price, there’s still a significant amount of enthusiasm for this digital asset. When I checked the Open Interest chart on Coinglass, I was amazed to find that it had reached an all-time high of $17 billion on May 28th – a level not seen in over a year. This strong figure indicates that there’s still a considerable amount of ongoing trading activity surrounding Ethereum.
From my perspective as a researcher, the current Open Interest for Ethereum hovers around $16.7 billion at present. This figure ranks among the upper echelons seen within the past year. Such a high Open Interest signifies robust investor involvement and enduring interest in Ethereum.
Read Ethereum (ETH) Price Prediction 2024-25
Moreover, the analysis of Ethereum’s funding rate revealed a bullish attitude towards the cryptocurrency. The graph demonstrated that the funding rate continued to be positive, with a current reading of 0.013%.
This implies that the buying trend persists, reflecting a firm conviction among investors that Ethereum’s price may still increase.
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2024-05-31 02:15