Ethereum price has fallen below the $ 3,000 level and the $ 2,800 support is critical in this process. If it falls below this level, there is a liquidation risk of $259 million.
Crypto traders note that Ethereum remains firmly committed to this critical support level, and breaking this support is an important turning point that could lead to the price falling below $2,800. Ethereum remains at this critical level, MN Trading founder Michael van de Poppe wrote in an August 3 X post. Van de Poppe explained that if this level is not maintained, Ethereum may lose approximately 4% more value.
The popular crypto analyst also noted that Bitcoin is trading at $60,717, which could pull investors into an uncertain range. Van de Poppe made the following assessment: “If this level is lost, Bitcoin will most likely test $ 60,000 and Ethereum may see below $ 2,800 as the last major correction.”
Other investors also suggested that Ethereum's price could fall below $2,800 before the recovery begins. Crypto investor Crypto Wealth stated that the price could drop to $2,700 before a full comeback. “The price may need to test the $2,800 bottoms and review the $2,500-2,700 levels in terms of weekly demand,” he commented.
At the time of writing, Ethereum is trading at $2,885, down 11.09% since July 28, according to CoinMarketCap data. According to CoinGlass data, when it falls below the $2,800 level, a long position of $259.46 million is expected to be liquidated in the futures market, which could lead to a serious liquidation process. Given Ethereum's current volatility range, Van de Poppe noted that there is potential for a recovery in the short term: "If we turn up from here, that would be a very positive development for the market."
These developments followed a week of Ethereum spot ETF funds oscillating between inflows and outflows. According to Farside data, a total outflow of 169.4 million dollars was made from July 29 to August 2. Additionally, on August 1, Sygnum Bank's Katalin Tischhauser stated that spot Ethereum exchange-traded funds could accumulate up to $10 billion in assets in their first year.
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So who will benefit?
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I EXPLAIN IN DETAIL.
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