• Ethereum’s long positions face record-high liquidations, surpassing $58 million in May.
• Mean Liquidated Volume in Ethereum Futures Contracts’ Long Positions peaked on 27 May exceeding 32,000 ETH.
• In the past 24 hours of trading, long positions witnessed liquidations amounting to $2.48 million while short positions faced liquidations totaling $5.94 million.
Ethereum’s Price Struggles
Ethereum’s price has been struggling at around the $1,800 price range for some time now despite a slight surge recently. However, traders‘ long positions have been facing a record-high level of liquidations with over $58 million worth of contracts being forcefully closed or liquidated due to their inability to fulfill margin requirements.
High Mean Liquidated Volume
Glassnode Alerts reported that the Mean Liquidated Volume in Ethereum Futures Contracts’ Long Positions peaked on 27 May with an average amount of 32,000 ETH equivalent to over $58 million at the press time valuationpoint. This makes it one of the highest ETH Futures Liquidations recorded in May.
Liquidation Map
Examining the Ethereum liquidation within a 24-hour timeframe revealed that ETH experienced liquidations totaling $8.42 million with long positions witnessing liquidations amounting to $2.48 million and short positions facing liquidations at over $5.94 million respectively as of this writing date. Taking into consideration all data collected from examining the data chart further indicates that long positions had more liquidations than short ones during may month .
Will Liquidation Make 2000 A Pipe Dream?
Given these figures and observations, it is difficult for traders to hope for a breakthrough considering such high levels of forced closing or liquidation even though there was a faint glimmer of upward movement for Ethereum’s prices recently when compared to previous months activity which ultimately puts their position at risk aswell .
Conclusion
The current situation does not look favorable for traders hoping for an increase in Ethereum prices given these observations and figures which suggest record-breaking high levels of forced closing or liquidation occuring due to their inability to fulfill margin requirements and overall bearish trend around the 1,830 price range which might make dreams such as reaching 2000 price point seem like a farfetched dream