Bitcoin and ether lost pivotal support levels in the past 24 hours amid weakening sentiment for the broader crypto market – a move that caused over $520 million in liquidations, data shows. By shauryamalwa
Ether-tracked futures lost upwards of $236 million, nearly double those of $125 million on bitcoin futures. The losses were unusual for ether, which mostly sees lower liquidations than bitcoin on average trading days.
Price-charts suggest support at current levels and resistance at $1,900, which acted as pivotal support earlier this month. Similar prices were previously seen in July 2021, and losing the level could see ether drop to the $1,300-$1,500 range or lower.A fundamental reason for the drop could be a lack of demand for Ethereum’s block space, as per data from analytics firm Glassnode.
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