Ethereum (ETH) price on Wednesday fell 4% after the U.S. Federal Reserve’s 50 bps rate hike decision and hawkish projections. The ETH price fall extended on Friday after a Binance spokesperson reported that auditing firm Mazars, which released proof-of-reserves for Binance and other crypto firms, has abruptly paused services for crypto exchanges.
Ethereum price plummeted over 5% in an hour after the news. The ETH price is currently trading at $1,212, down over 6% in the last 24 hours. The 24-hour low and high are $1,210 and $1,287, respectively.
According to data by Coinglass, Ethereum recorded nearly $41 million in total liquidations. Over $40 million longs and 1.5 million shorts were liquidated. Over $30 million longs were liquidated in just an hour, which caused the sudden fall in ETH price today. This is the largest liquidation witnessed yet in December.
Crypto exchanges OKX, Binance, Huobi, CoinEx, and Bybit saw the largest ETH liquidation, with an average 95% liquidation 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 the total crypto liquidations are at $112.54 million. The largest single liquidation order happened on Binance, with ETHUSDT value of $5.52 million.
On-chain platform Glassnode revealed on December 16 that the Futures Contracts Long Liquidations just reached a 3-month high of $6,658,225.15 on Binance. The last time a 3-month high of $5,833,448.18 long liquidations was observed on November 8, before the FTX crisis.
Popular crypto analyst Michael van de Poppe earlier predicted that the crucial resistance for Ethereum is at $1,325. If the ETH price breaks above the resistance level, $1,550 is most likely. Moreover, he shared support levels in the range of $1,280-$1,300.
However, the ETH price has fallen below support levels and currently trades near $1,200. Whale accumulation and crypto market sentiment will drive ETH price in the next few weeks.
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