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.
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