On Friday, carnage brought crypto markets when merchant tensions in US-China Ratchet with Trump threatened a massive increase in customs duty against Chinese goods.
Worst affected among Crypto Benchmark Coindesk 20 index components were Ethereum’s native tokenether Nose diving 7% from Friday’s session high and hit its weakest price since the end of September below $ 4,100. Its decline far surpassed Bitcoin’s 3.5% fall below $ 118,000 and index’s 5% jump.
Downturn from the broad market spurred a liquidation cascade across cryptoderiva markets and wiped out over $ 600 million of geared trading positions among all assets, Coinglass data shows.
ETH also led in liquidations with over $ 235 million -long positions wiped out throughout the session. Along are geared bets seeking to take advantage of the asset’s price increase.
Technical collapse
Behind the liquidation cascade was ETH’s collapse of critical support levels, Coindesk Research’s technical analysis model suggested.
• Sales of pressure are materialized around 10 p.m. 14:00 UTC with a volume of 372,211 units, almost double than the 24-hour average of 190,747 units.
• Volume -based resistance confirmed around $ 4,287.
• Primary resistance identified at $ 4,141 under failed recovery attempt.
• Potential support formed just under $ 4,100, with buyers emerging.
