The price of Ethereum (ETH), which was trading at $3,506, saw a 20% increase from March 3 to March 13, which led to the development of a double top above $4,100. Following the second rejection, ETH saw a 20% decline, challenging the $3,200 support on March 19. Experts surmise that the early increase was fueled by heavily leveraged long holdings.
After $375 million in Ethereum futures were forcefully liquidated over the previous week, Ether’s bullish momentum waned. However, it is still unclear if this will be enough to halt the decline and maybe spark a new bull run.
Ethereum’s Meltdown Cost: Higher Than That Of Its Competitors
The whole cryptocurrency market saw a 15.5% loss in value over five days, peaking at $2.77 trillion on March 14 and stabilizing at $2.35 trillion. Ethereum’s collapse was more severe than that of the market as a whole. Ethereum’s relative performance suffered as a result of weekly drops in Bitcoin’s BTC tickers of $66,666 12%, Solana’s SOL tickers of $190 21%, and Binance Coin’s BNB tickers of $553 slightly 2%.
It’s important to note that Solana struggled to handle the surge in activity as the network struggled to handle increased fees and failed transactions—a problem mostly created by strong demand for additional meme currencies. Within three days, traders reportedly invested around $100 million in new Solana meme coins, according to Cointelegraph.
