March 27, 2024
Ether at $3,100 Risks $212M Liquidation
Latest Cryptocurrency News

Ether at $3,100 Risks $212M Liquidation

The cryptocurrency market braces for potential turmoil as over $212 million of leveraged long positions face liquidation if the price of Ether (ETH) drops below the $3,100 mark.

Ether’s Decline

In the 24 hours leading up to 10:40 am UTC, Ether experienced a significant drop of 9.3% to $3,254, marking an 18% decline on the weekly chart.

ETH exchange liquidation map. Source: Coinglass

Liquidation Impact

Should Ether fall to $3,100, it would result in the liquidation of over $212 million worth of long leverage, as per Coinglass data. Additionally, dropping below the psychological level of $3,000 would lead to liquidations totaling $237 million.

Total Liquidations and Position Types

In the last 24 hours, price swings caused $624.4 million in liquidations across the market. Most of these liquidations affected long positions, amounting to $514 million, with $110 million affecting short positions.

Liquidation heatmap. Source: CoinGlass

Exchange Liquidation Data

OKX exchange recorded the highest liquidations at $90.8 million, followed by Binance with $79.9 million, and Bybit with $23.4 million in the past 24 hours, according to Coinglass data. Bitcoin’s significant pullback since March 14 could test institutional appetite, potentially leading to a period of price recalibration in the broader crypto market, according to a Bitfinex report.

Ethereum exchange netflow chart. Source: Bitfinex

Ether Exchange Outflows and Price Impact

Ethereum net outflows from exchanges surged to a new record high as 154,000 Ether moved off crypto exchanges on March 11. This reduction in available supply on exchanges could potentially contribute to upward price movement, as suggested by Bitfinex. The market remains on edge as it navigates through the ongoing volatility, with liquidation risks and institutional sentiment shaping the trajectory of major cryptocurrencies like Ether.

Image by wirestock on Freepik

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