Ethereum survives series of massive liquidations and selling pressure
Ethereum succeeded show its investors that it has growth potential despite having one of the strongest selloffs in the asset’s history following the liquidations of large institutional investors like 3AC, Celsius and others.
A wild market ride
In the last eight days, Ethereum has gained around 40% to its value if we measure the current rally’s result from the absolute bottom reached back on June 18. Such strong growth was most likely fueled by a concentration of “buy” orders of $900.
Most traders were actively looking for a perfect entry into Ethereum, which was more than possible after the asset dipped below $1,000 and then faced even greater selling pressure which caused a drop in the $800 range.
The massive liquidation volume and lack of liquidity allowed investors to push the price of the second largest asset on the market back to $1,200 despite the market capitalization of Ether remaining below the June 1 level.
Traders still prefer taking profits
Unfortunately, the 30% price increase is not enough for traders and investors to continue supporting the asset as their on-chain activity suggests that the majority of ETH holders are actively taking profits, creating additional pressure on the assets and prevents them from breaking the local assets. resistance levels.
Luckily, Ethereum whales’ activity remains relatively low, which shows that selling is not coming from them and the asset still has a chance of showing upward volatility since sales volume remains relatively low.
At press time, Ethereum is moving around the $1,200 price range and consolidating due to a lack of weekend trading volume.
