With the crypto market starting the day with a decrease, Ethereum (ETH) has also experienced losses in the morning hours like most cryptocurrencies. ETH fell below the $1620 price level, recording a loss of over 1% in the last 24 hours.
Crypto Market in Decline
As the leading cryptocurrency Bitcoin dropped to $25,590 in the morning hours, the crypto market started the day with a decline. Most cryptocurrencies in the market have experienced losses since the morning hours.
The total market value of the crypto industry has also dropped to $1.03 trillion according to CoinMarketCap (CMC) data. Additionally, Coinglass data shows that around $45 million worth of short and long positions have been liquidated in the crypto market in the last 24 hours.
Ethereum (ETH), which reached $1740 levels last week, has also faced losses due to the downward trend in the market. ETH lost more than 1% in the last 24 hours and fell below the $1620 levels.
What’s the Current Situation of Ethereum (ETH)?
Ethereum (ETH) has recorded a loss of about 2% in the past week and dropped below the $1620 levels in the morning hours due to the decline in the crypto market. Meanwhile, crypto analysis platform Santiment highlighted the large-scale ETH transactions carried out by whale addresses, which hold significant amounts of crypto assets in their portfolios, and shared the latest data.
Santiment, which shared the current data regarding two different ETH transfers with an average value of $150,000 each recorded on the crypto exchange Coinbase, also added that the increasing whale transactions may not have any impact on the price. The crypto analysis platform stated the following in its post:
“This transaction, which is among the largest in 2023, is the highest on-chain transaction increase since June 13. The reasons for these movements are unknown and may not affect the price.”
