Ethereum

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<p class="is-style-lead">The steep crash in crypto prices has triggered liquidations across the board, with the number of ethereum (ETH) futures contracts forcefully closed by OKX, a crypto trading platform, hitting a 1-month high, data from Glassnode, a blockchain analytics platform, on June 10 shows.</p>



<h2 class="wp-block-heading" id="sec-s-lawsuits-trigger-crypto-selloffs">SEC’s lawsuits trigger crypto selloffs</h2>



<p>Crypto prices, including the ETH and bitcoin (BTC), are lower when writing, contributing to a surge in the number of liquidated long contracts. </p>



<p>According to Glassnode, Ethereum&#8217;s futures contracts on OKX have substantially increased in long liquidations, reaching a one-month high of $8,022,567.66. This figure surpasses the previous one-month high of $7,269,559.02 observed a few days ago on June 5, 2023.</p>



<p>This spike in liquidations indicates a heightened level of selling pressure in the market, potentially amplifying the downward momentum. </p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">📈 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Ethereum</a> <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> Futures Contracts Long Liquidations just reached a 1-month high of $8,022,567.66 on <a href="https://twitter.com/hashtag/Okex?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Okex</a><br><br>Previous 1-month high of $7,269,559.02 was observed on 05 June 2023<br><br>View metric:<a href="https://t.co/A7OiPQbafB" target="_blank">https://t.co/A7OiPQbafB</a> <a href="https://t.co/DbZJre97p5" target="_blank">pic.twitter.com/DbZJre97p5</a></p>&mdash; glassnode alerts (@glassnodealerts) <a href="https://twitter.com/glassnodealerts/status/1667415141929893888?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 10, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading" id="state-of-ethereum-price">State of ethereum price</h2>



<p>The price of ethereum (ETH) has experienced a decline in recent days, indicating a shift in market sentiment.&nbsp;</p>



<p>At the time of writing, ethereum is trading at $1,738.86, a 5.61% decrease in the last 24 hours and an 8.64% drop over the past seven days.</p>



<p>With a circulating supply of 120 million ETH, ethereum&#8217;s market capitalization currently stands at $209,037,139,067, according to <a href="https://www.coingecko.com/en/coins/ethereum" target="_blank" rel="noopener">CoinGecko</a>.</p>



<p>Ethereum has support at around $1,700, with resistance at $1,900.</p>



<p>On the weekly timeframe, the RSI value for ethereum is currently at 40. This suggests that there is no significant bias toward buying or selling, and the market may be awaiting further developments before a potential price shift.</p>



<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="1024" src="https://crypto.news/app/uploads/2023/06/AETH-1024x1024.jpeg" alt="Ethereum futures liquidations soar to 1-month high on OKX - 1" class="wp-image-14167850"></figure>



<p>The RSI value is at 26 on the daily timeframe, reflecting a relatively lower value than the weekly timeframe. A value of 26 suggests that selling pressure may be stronger in the short term, indicating a possible oversold condition for ETH.</p>




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<p>Multiple factors are contributing to the current market downturn, with recent lawsuits against major cryptocurrency exchanges possibly a trigger.</p>



<p>The Securities and Exchange Commission (SEC) recently filed <a href="https://crypto.news/sec-sues-coinbase-just-hours-after-binance/">lawsuits</a> against Binance and Coinbase, two leading cryptocurrency exchanges, creating uncertainty and dampening market sentiment. </p>



<p>Earlier this week, regulator listed 19 major tokens as examples of <a href="https://crypto.news/lawyers-criticize-genslers-assertion-that-all-cryptos-are-securities/" target="_blank" rel="noreferrer noopener">securities</a>, including solana (SOL), polygon (MATIC), BNB, and others, when filing their lawsuits against Binance and Coinbase. Subsequently, Robinhood, a trading platform, said it plans to <a href="https://crypto.news/robinhood-to-cut-support-for-cardano-polygon-and-solana/" target="_blank" rel="noreferrer noopener">delist</a> some assets, including SOL, cardano (ADA), and MATIC, that the SEC alleged are securities.</p>



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<iframe loading="lazy" title="Are These Cryptos Securities!? SEC vs. Binance Breakdown!!" width="1020" height="574" src="https://www.youtube.com/embed/x6roXpb6qTE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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<p>Against that backdrop, investors are becoming more cautious, leading to increased selling pressure and negative impacts on the entire crypto market.</p>




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        Read more:

        <a href="https://crypto.news/crypto-liquidations-peak-as-secs-binance-lawsuit-shakes-crypto-markets/">
            Crypto liquidations peak as SEC’s Binance lawsuit shakes crypto markets        </a>
    </p>

Ethereum futures liquidations soar to 1-month high on OKX

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