Ethereum

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-price-experiences-significant-decline/" data-wpel-link="internal">Ethereum Price Experiences Significant Decline</a> 
<a href="https://en.coin-turk.com/lawmakers-urge-sec-to-approve-spot-ethereum-etfs/" data-wpel-link="internal">Ethereum</a> price followed a general upward trend throughout July. However, the slight pullback observed in the last week of the month resulted in a short-lived recovery effort by the bulls. This recovery effort was thwarted by strong selling pressure last week, causing ETH to experience consecutive declines and lose 36.59% in value. Such a rapid decline was last seen during the FTX collapse in 2022. Currently, Ethereum is trading at $2,530. 
<h2 style="text-align: justify" id="selling-pressure-and-potential-recovery-signs">Selling Pressure and Potential Recovery Signs</h2> 
The recent selling pressure has triggered concerns about further declines in the coming weeks. However, there is also the possibility of bulls regaining control. The RSI indicator shows that the price is in an oversold condition. Additionally, the recent major pullback retested a significant rising support level, leading to accumulation and a 5% recovery in ETH. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-377247 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/Ethereum-Exchange-Outflow-Total-All-Exchanges.png" alt="" width="2048" height="1152"> 
Ethereum exchange flows also revealed interesting findings. In the last 24 hours, 501,000 ETH were withdrawn from exchanges. This is the highest amount in the last 30 days. During the same period, a total of 446,877 ETH were deposited into exchanges, which is also the highest inflow amount in the last 30 days. These data show that ETH outflows exceeded inflows by approximately $119 million. 
<h2 style="text-align: justify" id="leveraged-trades-and-liquidations">Leveraged Trades and Liquidations</h2> 
Derivative <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data revealed</a> that long position liquidations peaked in the last 24 hours. Total long position liquidations reached $141.2 million, the highest daily liquidation amount in the last 30 days. Short-focused position liquidations remained at $35.5 million. Margin calls on leveraged long positions may have contributed to the additional decline in the last 24 hours. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-377249 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/ethereum-long.png" alt="" width="2048" height="1152"> 
As the market becomes deleveraged with recent margin calls, volatility may decrease. However, strong demand or continued selling pressure may depend on external market factors. Ethereum’s future performance will depend on how these factors evolve. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-377250 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/ethereum-kaldirac.png" alt="" width="2048" height="1152"> 
ETH‘s performance over the past week suggests both risks and potential opportunities for <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>. Being in an oversold region and showing signs of recovery from the support level are important factors to watch. However, given the uncertainty of market factors, investors should still monitor the market to some extent. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-price-experiences-significant-decline/" data-wpel-link="internal">Ethereum Price Experiences Significant Decline</a></h5>
The post <a href="https://en.coin-turk.com/ethereum-price-experiences-significant-decline/" data-wpel-link="internal">Ethereum Price Experiences Significant Decline</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Ethereum Price Experiences Significant Decline

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