Crypto News

Cryptocurrency Market Faces Contraction As Bitcoin And Ethereum Decline

The cryptocurrency market witnessed a notable downturn as Bitcoin slipped below the $40,000 mark, accompanied by Ethereum’s decline to a low of $2,303.

Reports reveal significant movements of Ethereum by Celsius and FTX.

Celsius Network initiated the transfer of 15,200 ETH ($36.04 million) to Coinbase and FalconX. Despite this movement, Celsius still maintains 557,081 ETH ($1.3 billion) across two staking wallets. Meanwhile, Alameda Research (FTX) withdrew 1,000 ETH ($2.31 million) to Wintermute Trading.

The market responded to Celsius’ Ethereum transfer with increased selling pressure, resulting in a 4% drop in ETH price to below $2,350. The breach of critical demand zones at $2,388 and $2,460 raises concerns about Ethereum’s current position.

Ethereum Looks Stronger Than Bitcoin As It Looks To Hold Support Here

Analyst Ali suggests that if Ethereum can maintain support at the current level, an upward trajectory with minimal resistance is plausible. However, failure to sustain this level might lead to a pullback, with the next significant support anticipated around $2,000.

In the preceding 24 hours, Ethereum experienced a 5.67% decline, leading to the liquidation of positions for 77,322 traders, totaling $253 million. 

These liquidations encompassed both long and short orders, with the largest single liquidation occurring on Bybit – BTCUSDH24, amounting to $5 million.

The market dynamics continue to evolve, and investors closely monitor these developments amid fluctuations, seeking insights into potential future movements.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

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