Ethereum has given up Tuesday’s gains after failing to sustain the grip on $2,000
Solana, Polygon, and Cardano native tokens are also trading in the red
The cryptocurrency market appeared to have calmed on Tuesday following two weeks of heavy losses, but the latest winds have reversed the crypto market course again. Ethereum started the week trading marginally above $2,000, and even though it slipped below this mark during Monday’s trading session, the premier alt quickly recovered.
Ether’s resilience is seemingly once again being tested in the face of a mild slump in the market on Wednesday. Other altcoins like Avalanche (AVAX) and Polygon (MATIC) have also pulled back during this period – some, markedly, by more significant margins than Ether.
Ethereum price has suffered yet another setback
Ethereum (ETH) has fallen by nearly 4.50% in the last 24 hours, losing grip above $2,000 – a price level bulls have struggled to defend this week.
At its current price of $1,975, ETH/USD is down 60% from its November peak. Trading volume figures also show the network is still reeling from the recent beating. Ether’s trading volume over the last 24 hours has contracted by 4.45% – an indication of the sour taste in the Ethereum market.
Cardano, Solana, Polygon and Avalanche have also retreated
Cardano (ADA) is among the biggest losers on the day among the top ten crypto assets by market cap. ADA came close to breaching $0.60 during yesterday’s trading session, but the resistance above this level proved too much for the momentum bears had built.
The native Cardano token dropped to $0.55 but recovered to $0.58 before retracing to $0.52 – where it is currently hovering. The 24-hr trading volume has decreased by 8.95% to $891.43 billion, CoinMarketCap data shows.
The picture is the same for AVAX, MATIC, and SOL – which have lost 8.37%, 6.60%, and 8.25%, respectively, during this period. The margins are not far apart for Algorand and Theta native tokens. ALGO is trading 8.48% in the red while THETA is down to $1.24, having seen an 8.85% dip over the past 24 hours.
Liquidation volumes abate
Coinglass data shows that 24-hr liquidation volumes in the last three days have remained relatively average compared to last week’s action. Since the start of the week, the total 24-hr liquidation volume has not surpassed $300 million on any day.
Thus far, May 9, 11 and 12 remain the days with the biggest 24-hr liquidation volume this month with combined (long and short) figures of $1.002 billion, 989.65 million and 746.348 million, respectively. Long orders contributed to the bulk of liquidation on all three occasions – 799.727 million on May 9, 668.498 million on May 11, and 427.678 million on May 12.