As the market enters a new trading week, the price of Ethereum has been struggling to stay over R18.7K. This desired point, which it broke last week, remains a crucial technical level, which is why bulls are fighting to keep it. However, as the digital asset’s price has fallen below R20K, liquidations have increased, and have momentarily overtaken bitcoin in the last four hours as more traders lose their positions.
Ethereum liquidations surpassed bitcoin liquidations as its price fell further. More than 28,000 ETH have been liquidated in the last 24 hours as the market falls. This is consistent with the market’s broad liquidation trend since the price of Ethereum failed to reach R25.6K as projected. Over the course of the day, traders liquidated more than R546 million in ETH.
The same trend was observed with Bitcoin, the first cryptocurrency, whose liquidations totalled R597.5 million during the same time period. This equated to 1,740 BTC stakes being liquidated within this time period, and other cryptocurrencies have followed suit. The crypto market has seen almost R2 billion in liquidations in total. During the same 24-hour period, almost 46,000 dealers were retted. The majority of these traders were long traders who appeared to be following the recovery trend that had shaken the space at the end of last week.
Ethereum has been performing admirably recently. The digital asset has been able to fend off bears who have sought to push the price below R17K and has fought back through last week. This had lifted it above its 20-day moving average, establishing a bullish trend for the first time in a month.
However, this was only temporary as the weekend’s low liquidity had struck the digital asset. ETH had slipped below R20K and is still struggling to hold R19K after losing its struggle with the R19.7K support.
This places the next level of support at R18.7K, where the bulls have been accumulating. However, it has pushed its key resistance point back to R21.7K, triggering a tug of war. As a result, ETH’s immediate future remains uncertain.