Ethereum

2024

Impact

Spot

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Ethereum (ETH) experienced a 7% drop amidst a broader US equities market crash.</li> 
 <li>The drop triggered over $100 million in liquidations, with leveraged bulls hit hardest.</li> 
</ul>  
<p>Despite the recent successful launch of the US spot ETH ETF, <a href="https://coineagle.com/price/ethereum/">Ethereum (ETH)</a> saw a significant 7% drop in value during the intraday trading session on 24th July. This drop was in line with a larger market crash in US equities that reportedly led to over $1 trillion in losses.</p> 
<h2 id="the-market-s-mixed-response">The Market’s Mixed Response</h2> 
<p>The drop in Ethereum’s price occurred despite its recent consolidation below the $3.5k mark. This price movement brought the cryptocurrency closer to the $3000 mark, even as the ETH ETF performed well. Market analysts have offered mixed opinions on this downward trend.</p> 
<p>Noted altcoin trader and market analyst, Hsaka, suggested that the crash in the US stock market could have influenced the drop in Ethereum’s price. However, Charles Edwards, founder of Capriole Investments, argued that the launch of the ETH ETF was detrimental to both Bitcoin and Ethereum.</p> 
<h2 id="impact-of-the-drop">Impact of the Drop</h2> 
<p>The 7% drop in Ethereum’s value led to over $100 million in liquidations within 24 hours. Leveraged bulls were the most affected, with long positions worth $97.5 million liquidated. In contrast, bears experienced only a minor impact, with losses amounting to about $4.15 million.</p> 
<p>As of the time of reporting, key derivatives indicators, including volume and open interest rates, were in the red. This suggests a bearish sentiment in the futures market, which could potentially keep Ethereum’s price subdued going into the weekend.</p> 
<p>If the downward pressure continues, Ethereum could retest the $3000 mark. This level has been a key demand zone in 2024 and has been defended during past dumps. A daily candlestick close below the 20-day Simple Moving Average (SMA) could potentially accelerate a drop to this $3k demand level.</p>

Ethereum Stumbles on Debut Day of Spot ETF: What Led to the Dip?

Tabla de contenidos

CoinEagle.com

Otros artículos publicados el 25 jul 2024

Bitcoin Bulls Hold Strong at $66K as Ether ETFs Surge with $100M Debut

Altcoins Awakening? Top Analysts Forecast Alt Rally Echoing 2020 Bull Run, Here’s Their Outlook

Here’s Why POPCAT, WIF, PEPE Are Making Strong Comeback?

Binance Exec's Health Deteriorates in Nigeria Prison, Wheelchair-Bound in Court

The Grayscale Ethereum Trust (ETHE) has lost more than $800 million

Here’s Why Bitcoin (BTC) price is falling

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!