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Ethereum Price USD - Ether and Bitcoin Fall, Liquidations Surge

Ethereum Price USD - Ether and Bitcoin Fall, Liquidations Surge

Coins such as Bitcoin and Ethereum (ETH) fell substantially in value today, with the liquidation of leveraged long bets causing the price to fall even further. Prices rose yesterday as details of a US Executive Order on crypto in the country were made public, and now the market is bracing for yet another high US inflation figure.

Liquidations of leveraged long bets in the bitcoin futures market increased as the price of BTC fell by more than 7 percent as of 10:40 UTC to USD 39,245.

Since midnight UTC time on Thursday, almost $43 million in leveraged bitcoin longs have been sold on exchange platforms. There was a comparable amount of liquidation on the short side yesterday, when almost USD 63 million in bitcoin shorts were liquidated during the same time period.

According to statistics from the market tracking site Coinglass, long positions in the crypto market were liquidated for a total of USD 108 million during the same 12 hours today.

US S&P 500 stock index futures also indicated a weaker start on Wall Street, following a strong day on Friday.

Following yesterday's sell-off from a high of USD 2,070, the metal's price fell further in the early hours of European trading this morning. Gold, on the other hand, had rebounded from a low of $1,970 to $1,997 as of press time.

When US President Joe Biden signed an Executive Order on digital assets, the market saw it as a generally favorable step by the US government in its effort to regulate crypto. Yesterday, bitcoin and cryptocurrency as a whole rose in price.

Today's decline comes as the market anticipates the latest inflation figures from the United States. Expected to be 7.9 percent year-over-year, up from the previous month's 7.5 percent, which was the highest inflation rate in 40 years, this month's data will be released at 13:30 UTC.

During yesterday's press briefing, White House Press Secretary Jen Psaki explained the Biden administration's predictions, saying, "we expect to see a strong headline inflation in tomorrow's February inflation data."

"No follow up in price or volume" was Dylan LeClair, co-founder of the bitcoin-focused consultancy business 21st Paradigm, when he tried to explain today's steep drop in bitcoin's price. On Twitter, LeClair referred to short-term traders who attempted to abandon their positions as "tanking the market."

Eliézer Ndinga, Research Director at index token issuer Amun, told Cryptonews.com that the Consumer Price Index (CPI) is a "trigger" that has been influencing the markets, which will be affected by next week's interest rate hike, which will track how much consumers will be impacted in terms of loans, investments, savings, job prospects, and prices for goods and services.

According to him, this has led to the recent dip in crypto prices, which has been accompanied by an increase in commodities such as oil and wheat.

Kraken's weekly Crypto Market Recap for the month of February stated that bitcoin's performance in February came as a "slight disappointment," given that February has historically been one of the best-performing months for bitcoin.

February this year was the fourth worst-performing February in bitcoin's history, with BTC having underperformed its historical monthly performance for four months in a row, Kraken said.

According to their data, the average monthly return for BTC in March is 8%, while the median monthly return is (-6%).

The rise in the price of Ethereum has already reached $2,700. Even though ETH managed to break through the $2,750 resistance barrier, it ran into stiff competition near the $2,780 mark.

The price began a downward reversal after a peak was established near $2,775. The $2,700 and $2,650 marks were broken. Etherium (ETH) price dipped below $2,650 and the 100-hour SMA. Retracement level of upward movement from $2,445 swing low to $2,775 high was breached by the price at 50 percent Fib retracement.

On the hourly chart of ETH/USD, there was a breach below a significant bullish trend line with support near $2,660. At this point, the price is edging closer to the $2,570 area of support. Fib retracement level 61.8 percent of the rise from the $2,445 swing low to the $2,775 high is close by.

At $2,570, Ethereum's price may be poised to resume an upward trend. An early barrier to the upside is located at $2,620.

The $2,650 level and the 100-hourly simple moving average serve as the first major obstacles to be overcome here. In order for the price to continue its upward momentum, it must break through $2,780, the next key level of resistance. The price might reach as high as $2,880 in this scenario.

Are There Any More ETH Losses?

If the price of ethereum does not rise beyond $2,650 in the near future, it may continue to fall. The $2,570 level serves as an early level of resistance on the downside.

The $2,550 level is the next big level of support. If the price falls below the $2,570 and $2,550 support levels, it could go even lower. The price might return to $2,445 or might potentially fall as low as $2,400 in this scenario. In the short term, any further losses could lead to a move towards the $2,300 mark. Tactical Observations In the hourly time frame, the MACD for ETH/USD is now increasing speed and moving into the bearish area.

The current price of Ethereum is 2,564.29 USD, with a trading volume of $12.24 billion USD in the last 24 hours." The price of ETH has dropped by 2.36 percent over the last day. As of this writing, it is down 7.52 percent from its 7-day high point of 2,772.94 USD and up 4.79 percent from its 7-day low of 2,447.00 USD. To put it another way, there are currently 119.91 million Ethereum in circulation.

The Ethereum platform is powered by the money known as Ether (ETH). This platform, invented by Vitalik Buterin, enables Smart Contracts and Distributed Applications (Apps) to be built and run without any third-party influence or downtime. A programming language (Turing complete) running on a blockchain, Ethereum enables developers to construct and publish distributed apps that may be used by anybody, anywhere in the world.