Ethereum Price Drops to $3,300, But Data Shows ETH Bulls Remain in Control

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MarsBit
12-26
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According to Mars Finance news, the price of ETH fell to $3,337 on December 26, erasing the gains of the previous two days. This decline occurred after Bitcoin fell 4%, leading to the liquidation of $34 million in leveraged ETH long positions (buyers). As signs of weakness in the US job market emerge, investors have become more risk-averse.

Although it has been unable to maintain above $3,500 over the past week, the ETH derivatives market remains in a neutral to bullish stance, indicating that $4,000 is still within reach. It is worth noting that China's stablecoins are trading at par with the official US dollar exchange rate, suggesting no significant cryptocurrency outflows from the region.

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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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