u.today
In an unusual twist, Ethereum ($ETH), the leading market altcoin, has seen more liquidations in the last 24 hours than Bitcoin ($BTC). This move shows that Ethereum's potentially troubling downturn is around the corner.
Unusual shift in Ethereum liquidations
Data from CoinGlass shows Ethereum has outranked Bitcoin in the 24-hour liquidation trend. Ethereum saw liquidations reaching $105 million, while $BTC came behind with $81.4 million. This liquidation margin is unusual and is the first of its kind this month.
Of the $105 million liquidations, long position traders suffered the most significant losses, worth $56.38 million, while short traders accounted for 48.65 million.
Contrary to the Ethereum liquidations, long Bitcoin traders accounted for only $21.78 million, and short traders recorded $60.06 million. The massive liquidation imbalance that shifted in favor of the short traders is evidence of anticipation for potential price volatility.
Based on this reality, Ethereum’s growth may be limited unless $BTC exhibits a breakthrough trend. The price of Bitcoin has dropped slightly by 0.04% to trade at $104,423. Still, the price has increased by 10.7% in the past seven days.
Journey to Ethereum’s recovery
Ethereum is currently impressing the market with its price performance. In the last 24 hours, the price has increased by 1.8% to $2,564. The altcoin price increased by 41.8% and 60.9% on the weekly and monthly charts, respectively. However, the daily trading volume plummeted by 17.5% to $26.9 billion.
Despite low trading activity, some analysts think $ETH could soon hit $3,000. Their expectations are based on factors like whale accumulation, staking activity and technical analysis.
Launching the Pectra upgrade on the mainnet is another key event likely contributing to the latest $ETH price spike. As noted in an earlier U.Today report, Cicle’s CEO, Jeremy Allaire, described Pectra as a pivotal improvement for on-chain usability.