At $3,100, Ether could liquidate $212 million in leveraged long positions
If the price of Ether (ETH) falls below $3,100, the cryptocurrency market could see the liquidation of more than $212 million in leveraged long positions.
Ether fell 9.3% to $3,254 in the 24 hours to 10.40 am UTC. Ether is down more than 18% on the weekly chart and a fall to $3,100 will wipe out more than $212 million worth of long gains, according to Coinglass.
If Ether falls below the psychological $3,000 level, liquidity will reach $237 million.
Recent price volatility has triggered a total of $624.4 million in outflows over the past 24 hours. The recent price changes mainly eliminated long positions, or investors bet that prices would rise, wiping out $514 million worth of long and $110 million worth of short positions.
The OKX exchange saw the most liquidity at $90.8 million, followed by Binance at $79.9 million, and Baybit at $23.4 million in the past 24 hours, Coinglass data shows.
Related: Ether ETF Is Smaller Than Bitcoin ETF – Filler Capital Founder
Income crypto market update: Bitfinex
Bitcoin's sharp pullback since March 14 could test institutional appetite, leading to a period of price correction in the broader crypto market, according to a Bitfinex Analyst report shared with Cointelegraph.
We expect a period of market correction as investors seek balance with an unprecedented influx into spot bitcoin ETFs. On the other hand, the resilience of the altcoin market, evidenced by the growing investment flows and ETH flows, underscores the bullish narrative for Ethereum and Layer 1 blockchain projects. It will be useful to determine the direction of performance of large-cap altcoins as the market evolves.
On March 11, 154,000 Ether were withdrawn from crypto exchanges, setting a new record.This will reduce supply on the exchange and may lead to upward price movement, according to Bitfinex.
“Recent net flow data shows a short-term upside potential for Ether, but we suspect that this will mean traders move their Ether distribution exchanges to trade coins on the ERC-20 protocol or Layer 2 like the Base mainnet.
Related: ‘Mr. 100'? The mysterious Bitcoin whale becomes the 14th largest owner of BTC.
