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.
Ethereum (ETH) Liquidation. Source: Coinglass
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.
Ethereum Futures Contracts Long Liquidations On Binance. Source: Glassnode
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.
Also Read: Can BTC Miners Survive Amid Bitcoin Price Drop? On-Chain Report