Wondering why #Ethereum is taking a dive? Let's break down ETH's recent price movement and what's driving the market sentiment. 🧵
The crypto market is experiencing massive liquidations right now. Over $24M in ETH positions have been wiped out, with long positions taking the biggest hit at $23.2M. The total crypto market has seen $122M in liquidations and counting.
Since the Federal Reserve's 50 basis point rate cut on September 18, Bitcoin has significantly outperformed Ethereum. While BTC surged 11%, ETH only managed a 6% gain. The ETH/BTC ratio has now hit a 42-month low of 0.03856.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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