The price of Ethereum (ETH) fell 4% on Wednesday following the US Federal Reserve’s decision to raise interest rates by 50 basis points and hawkish projections. The drop in ETH price extended Friday after a Binance spokesperson reported that accounting firm Mazars, which has released proof-of-reserves for Binance and other crypto companies, has abruptly suspended services for crypto exchanges.
Ethereum price plummeted more than 5% in an hour after the news. ETH price is currently trading at USD 1,212, down more than 6% in the last 24 hours. The 24-hour low and high are at $1,210 and $1,287 respectively.
According to data from Coinglass, Ethereum recorded nearly $41 million in total liquidations. Over $40 million longs and 1.5 million shorts were liquidated. More than $30 million longs were liquidated in just an hour, which caused the sudden drop in ETH price today. This is the largest liquidation so far in December.
Ethereum (ETH) Liquidation. Source: Coinglass
Crypto exchanges OKX, Binance, Huobi, CoinEx and Bybit saw the largest ETH liquidation, with an average liquidation of 95% of longs. OKX recorded $22.07 million in total ETH liquidations and Binance recorded $10.68 million in total ETH liquidations.
In the past 24 hours, 31,942 traders were liquidated and total crypto liquidations are up $112.54 million. The largest liquidation order took place on Binance, with ETHUSDT value of $5.52 million.
On-chain platform Glassnode revealed on December 16 that the Futures Contracts Long Liquidations just hit a 3-month high of $6,658,225.15 on Binance. The last time a The 3-month high of $5,833,448.18 long liquidations was observed on November 8, before the FTX crisis.
Ethereum Futures Contracts Long Liquidations on Binance. Source: Glassnode
Popular crypto analyst Michael van de Poppe previously predicted that the crucial resistance for Ethereum is at USD 1,325. If ETH price breaks above the resistance level, $1,550 is most likely. In addition, it shared support levels in the $1,280-$1,300 range.
However, ETH price has fallen below support levels and it is currently trading near USD 1,200. Whale accumulation and crypto market sentiment will drive ETH price in the coming weeks.
Also Read: Can BTC Miners Survive During Bitcoin Price Drop? On-Chain Report
Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Ethereum (ETH) Price Records Largest Liquidation of December
was published first on https://coingape.com/ethereum-eth-price-records-the-largest-liquidation-december/