Ethereum falls below $1.5K for the first time in 2 years
Ethereum has dropped by around 20% in the past 24 hours, falling below $ 1,500 for the first time since March 2023.
Ethereum (Ethn) is negotiated at $ 1,476 at the time of the press, having recorded a higher 24 hours of $ 1799. The wider sale seems to be linked to macroeconomic tensions while the new of Donald Trump price Put pressure on the cryptography market. The market experienced generalized losses following the drop in the price of the ETH.
According to Coinglass dataMore than $ 400 million in Ethereum posts have been liquidated in the last 24 hours. Long trades, which lost around $ 341 million, represented the majority of this. While traders withdrew positions, an open interest in term contracts on Ethereum dropped by 15%.
A major investor has been particularly seriously affected. A whale that had contracted a considerable loan on the Sky decentralized financing platform (formerly manufacturer) lost 67,570 ETH, or more than $ 100 million, depending on the lookonchain position on April 7. The loan was supported by ETH, and when the price fell, the system automatically sold the warranty to cover the detector.
Aside from the most recent sale, Ethereum had a few difficult months. He closed the first quarter of the year at 45%the first quarter of the year, losing about $ 170 billion in value. This has made the third quarter of the first quarter of Ethereum since 2016. Despite leading In the DEX negotiation volume in March, network costs income fell sharply, from $ 142 million in January to only $ 21 million in March, according to DEFILMA data.
Transaction costs have been reduced by March 2024 EIP-1559Also known as Dencun upgrade, which has helped reduce costs. However, Ethereum is again inflationary. An important deflationary indicator, the ethn burning rate fell to its lowest level since August 2021.
Analysts seem to approach ETH with greater caution following a largely optimistic perspective in 2024. In March, standard approved analysts lowered Their goal of Ethereum end-of-year courses from $ 10,000 to $ 4,000 due to growing competition with Ethereum Layer-2 Solutions.
These rolls continue to divert users from the main channel by offering faster speeds and cheaper costs. Even if the next Pectra upgrade will strengthen the fundamental principles of the network, the current macroeconomic pressure should always have an impact on the price of Ethereum.
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