12. Juni 2023

Ethereum Futures Liquidations Hit 1-Month High on OKX

Von admin

• The crash in crypto prices has caused liquidations of Ethereum futures contracts on the OKX platform to hit a one-month high.
• The SEC’s recent lawsuits have further triggered a selloff in cryptocurrencies likeETH and BTC.
• Ethereum is currently trading at $1,738.86 with a circulating supply of 120 million ETH, as indicated by CoinGecko.

Ethereum Futures Liquidation Soars

The steep crash in crypto prices has caused liquidations across the board, with OKX, a crypto trading platform seeing the number of ethereum (ETH) futures contracts forcefully closed hitting a 1-month high. This indicates heightened selling pressure that may amplify the downward momentum in the market.

SEC Lawsuits Trigger Crypto Selloffs

Crypto prices such as ETH and bitcoin (BTC) are lower than before, contributing to an increase in liquidated long contracts. According to Glassnode data, Ethereum’s futures contracts on OKX have substantially increased with long liquidations reaching $8,022,567.66 – surpassing the previous one-month high of $7,269,559.02 observed few days ago on June 5th 2023.

Current State of Ethereum Price

At present time writing, ethereum is trading at $1,738.86 – resulting into 5.61% decrease over 24 hours and 8.64% drop over 7 days period . With a circulating supply of 120 million ETH , its market capitalization currently stands at $209 billion as reported by CoinGecko . Further analysis reveals that Ethereum has support at around $1,700 while resistance is expected near $1,900 . Also , RSI value for ethereum is currently 40 (weekly timeframe) indicating no significant bias toward buying or selling . However , RSI value for daily timeframe is 26 suggesting stronger selling pressure in short term .

FUD Affecting Crypto Prices

Recent lawsuits against major cryptocurrency exchanges along with other factors are causing current market downturn . This could be result of Fear Uncertainty & Doubt( FUD ) that might affect crypto prices according to some reports .

Conclusion In conclusion , current state shows that there is increased selling pressure resulting into price downtrend for many cryptocurrencies including Etheruem . With SEC’s lawsuit against major cryptocurrency exchanges , these trends are likely to continue until further developments come forth from respective sides involved .