Ethereum (ETH) has experienced a significant influx of liquidity in the past 24 hours, with a total of $153 million in Bridged Netflow recorded. Despite this, the price of ETH has remained stagnant, showing no change at press time. This lack of movement is concerning, as it suggests that there may be underlying factors at play that are preventing the price from rising.
Analysis of the Bridged Netflow data shows that the majority of the liquidity inflow into ETH came from Base. This influx of liquidity should typically result in an increase in price, but in this case, it has not. This discrepancy indicates that there may be significant selling pressure in the market, which is preventing the price of ETH from rising.
There are also signs that ETH may be at risk of breaking through its support level. The altcoin has been trading in a tight consolidation range since mid-May, but the price is now hugging the support line. Historically, this support level has pushed the price of ETH higher, but in this instance, it appears to be acting as a barrier to further price increases.
Additionally, data from DeFiLlama shows that Ethereum’s Total Value Locked has dropped from $89.13 billion to $84.53 billion in a short period of time. This significant decrease in TVL indicates a liquidity outflow from the market, which could lead to a further decline in the price of ETH.
In the derivatives market, ETH futures Open Interest has also seen a sharp decline, dropping from $41.43 billion to $34.66 billion. This decrease in Open Interest suggests that traders are reducing their exposure to ETH or getting liquidated, which could further exacerbate selling pressure in the market.
Overall, the data suggests that ETH is facing significant downward pressure, and there is a possibility that the price could decline further in the coming trading sessions. Traders should closely monitor the market sentiment and be prepared for potential price drops in the near future. The COVID-19 pandemic has brought about many changes to our daily lives, particularly in the way we work and interact with others. With social distancing measures in place, many companies have transitioned to remote work to ensure the safety of their employees. While remote work has its benefits, such as increased flexibility and reduced commute times, it also presents challenges in terms of communication and collaboration.
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