Ethereum crypto previously traded in a range-bound price action for the last 4 weeks. It previously demonstrated signs of a potential bounce from the range support but a bearish outcome occurred after geopolitical concerns led to weak investor sentiment.
ETH price action/ source: TradingView
Rather than a bounce from support, ETH price broke below the same support level, leading to further downside. ETH was down to $2190 at press time. It is also worth noting that it was almost oversold.
According to recent market data, leveraged long traders were among the biggest victims of the bearish Ethereum crypto price outcome. Coinglass data revealed that ETH long liquidations surged above $320 million in the last 24 hours.
According to CryptoQuant, the broader market figure was much higher. Liquidations worth almost 365,000 ETH occurred in the last 24 hours. That figure was equivalent to over $803 million at its press time price tag.
Ethereum liquidations/ source: CryptoQuant
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