The European market opened Monday, April 7, with a similar bearish trend as the Asian market. With a similar choppy trend expected later today after the New York stock exchanges open, the crypto market has fallen in line with a 12 percent decline in its total valuation to about $2.45 trillion at the time of this writing.
In the past 24 hours, Ethereum (ETH) price dropped nearly 20 percent to trade at about $1,467 on Monday during the mid-London trading session. The large-cap altcoin, with a fully diluted valuation of about $176 billion, recorded a significant surge in sell orders on different crypto exchanges, led by Binance and Bybit.
Consequently, nearly $400 million was liquidated from Ethereum leveraged market, mostly involving long traders.
The CBOE Volatility Index (VIX) recorded a 28 percent surge in the past 24 hours to around 58.28, signaling more bearish sentiment in the coming 30 days. Consequently, the broader crypto market recorded a significant decline in the past 24 hours, led by Bitcoin (BTC) price which had already teased below $75k at the time of this writing.
With the Ethereum price correlation with Bitcoin hovering at about 0.74 out of 1, a capitulation was inevitable.
According to on-chain data analysis, Ethereum whales have fallen victim to the ongoing crypto selloff, which caused over $342 million in long liquidations in the past 24 hours.
Amid the ongoing global trade war, led by the United States and China, the crypto market has not been spared, despite showing potential stability last week. With more retaliatory moves expected from different jurisdictions this week, the crypto market will continue to record bearish sentiment.
As the Donald Trump administration anticipates growth in the United States in the coming few years, the crypto market will rally in tandem after reflecting the wider stock market crash.
From technical analysis, Ether’s price against the U.S. dollar and Bitcoin will likely continue dropping in the coming days, and weeks after breaching the support level above $1790 in the past 24 hours. According to market analyst Benjamin Cowen, Ethereum price could drop another 10-15 percent before rebounding towards its all-time high, and potentially a parabolic rally.
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