- The price of Ethereum fell below $3,000 and hit a low of $2,942 on Coinbase.
- The decline in Ethereum prices came as the spot ETH ETF had a lukewarm debut in Hong Kong.
- Liquidations hit $320 across cryptocurrency markets, with ETH at over $96 million (over $78 million for liquidated long positions).
Ethereum fell back below $3,000 as the broader cryptocurrency market reeled from downward pressure.
As Bitcoin price retested near $60,000 on Tuesday, ETH price declined, falling below the psychological $3,000 level.
On cryptocurrency exchange Bitstamp, ETH/USD reached a low of $2,945, while the second-largest cryptocurrency by market capitalization hit $2,942 on US-based exchange Coinbase.
ETH Price Weakness Due to Major Developments
ETH is facing new downward pressure amid significant developments in the cryptocurrency ecosystem and regulatory arena. Last week, Consensys sued the U.S. Securities and Exchange Commission (SEC), accusing the regulator of being excessive in its enforcement actions.
Consensys also wanted the court to declare ETH not a security, amid reports that the SEC has considered Ethereum an unregistered security for at least the past year.
Despite these developments, the price of Ethereum remained stable above $3,000, and there was optimism about the launch of a spot Bitcoin and Ethereum ETF in Hong Kong. However, on Tuesday April 30, the spot ETH ETF in Hong Kong did not match expected trading volume and assets.
Ethereum recorded over $96 million in liquidations in 24 hours.
Top ETF analysts say the numbers are impressive given Hong Kong’s market size, but market reaction has been largely negative.
This has resulted in massive liquidations across the market, with Conglass data showing total liquidated assets in the past 24 hours standing at over $320 million at the time of writing.
Ethereum saw the most liquidations during this period, with over $96 million. Of these, more than $78.3 million is in long positions and approximately $18.8 million is in short positions.
More than 108,601 traders were liquidated in 24 hours, with a single liquidation order size of $5.03 million recorded on Binance exchange.
According to data from CoinGecko, the price of ETH has fallen 6% in the last 24 hours.