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Ethereum bows to sell pressure – 2 factors aiding the bears
The cryptocurrency market has been in a tumultuous state as of late, with Ethereum [ETH] being no exception. ETH dipped recently, and it appears that two key factors contributed to this downward trend.
Firstly, leveraged long liquidations have played a significant role in fueling the sell pressure. As per data from CryptoQuant, more than $173 million worth of liquidations were observed within the last 24 hours alone. This staggering figure serves as a stark reminder of the precarious nature of leverage and its impact on market volatility.
It appears that appetite for leverage has been on the rise over the last few months, resulting in an astonishing surge in long liquidations by more than 700% since January 3rd. As whales continue to accumulate during this dip, it may be wise for investors to reconsider their short-term strategies and focus instead on medium-term prospects.
Secondly, ETH’s spot ETF outflows have played a substantial part in the bears’ favor. In a shocking turn of events, inflows that reached $128.7 million on January 6th swiftly transformed into $86.8 million worth of outflows on January 7th. This stark reversal serves as a testament to the market’s fickle nature and its propensity for sudden shifts in sentiment.
In conclusion, Ethereum has succumbed to sell pressure amid a plethora of bearish factors.
Source: ambcrypto.com
