Biggest altcoin with opening of Asian markets Ethereum The price has drastically depreciated. While the decline overturned the expectations of the recovery rally, it also increased the liquidations.
Alex Kruger With the opening of Asian markets, “Asian bears” quickly began to sell their Ethereum holdings, creating a strong selling pressure in the market, according to a chart shared by . After this selling pressure, the liquidations increased to 100 million dollars.
Asia woke up and chose to run everybody’s stops. That’s a 10% 1-day round-trip for ETH. pic.twitter.com/VgLxMSfWzf
— Alex Krüger (@krugermacro) July 25, 2022
Ethereum lost 10% of its value in just one day and failed to break the $1600 resistance for the third time. Ethereum price Although it managed to gain a foothold above the 50-day moving average, the expectation of a recovery rally declined as it failed to reach new highs.
Some traders describe today’s events as a bear trap that will be the catalyst for another reversal that will push prices to new lows.
Deflation Is Not Enough for Ethereum
Approaching Ethereum The Merge With the update, Ethereum will eventually become deflationary as net asset issuance will reach -4.5%. Unfortunately, the fact that the supply of ETH will start to gradually decrease in the future is not enough to force the price of the asset to a new ATH.
Koinfinans.com As we reported, investors are not very keen on buying more tokens due to the dwindling supply, as evidenced by the market performance of ETH. The increase in buyers generally gains momentum after the increase in usage scenarios.
At the time of writing, Ethereum is trading around $1,525 and continues to consolidate, losing more than 5% of its value in the last 24 hours and 10% from yesterday’s high.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.