Ethereum drops below $3k when liquidity reaches $320 million
The price of Ethereum dropped below $3,000, hitting a low of $2,942 on Coinbase. The drop in Ethereum price comes as ETH ETFs saw a rapid debut in Hong Kong. Liquidity reached $320 on the crypto market, over $96 million in ETH (more than $78 million in liquid long).
Ethereum once again fell below $3,000 as the broader crypto market came off the lows.
As Bitcoin tested prices around $60,000 on Tuesday, ETH price dropped and broke the psychological $3k level.
On crypto exchange Bitstamp, ETH/USD hit a low of $2,945 while the second-largest cryptocurrency by market cap price rebounded to $2,942 on Coinbase.
ETH price weakness among key developments
ETH is seeing renewed bearish pressure amid significant developments around this cryptocurrency ecosystem and in the regulatory space. This past week, Consensys sued the U.S. Securities and Exchange Commission (SEC), alleging the regulator's enforcement action was too harsh.
He also wanted the court to declare ETH a non-security amid reports that the SEC has treated Ethereum as an unregistered security for at least the past year.
Despite these developments, the price of Ethereum continues to hover above $3k, eagerly anticipated near the beginning of the space for Bitcoin and Ethereum ETFs in Hong Kong. However, on Tuesday, April 30, the spot ETH ETFs in Hong Kong did not match the expected volume and assets.
Ethereum sees over $96 million in 24-hour liquidity.
While senior ETF analysts have suggested that Hong Kong's market size numbers are impressive, market reaction has been largely negative.
The result has been a significant amount of liquidity in the market, with total liquidations in the last 24 hours reaching more than $320 million at the time of writing, according to Conglas data.
Ethereum saw the highest liquidity during this period, more than 96 million dollars. Of this, over $78.3 million is in long positions and about $18.8 million is in short positions.
More than 108,601 trades were cleared in 24 hours, with a large flow order recorded on the Binance exchange at $5.03 million.
According to data from CoinGecko, the price of ETH has decreased by 6% in the last 24 hours.
