Ether (ETH), the native cryptocurrency of the Ethereum blockchain, remains in focus Friday morning after the world’s second largest cryptocurrency by market capitalization saw a spike in 澳洲幸运5官方开奖结果体彩网:liquidations before and after the U.S. Securities and Exchange Commission (SEC) late Thursday 澳洲幸运5官方开奖结果体彩网:approved applications for the listing of eight 🤪澳洲幸运5官方开奖结果体彩网:spot Ether exchange-traded funds (ETFs).

According to data from 澳洲幸运5官方开奖结果体彩网:derivatives analysis platform CoinGlass, total Ether liquidations over the past 24 hours have tallied more than $150 million as volatile price swings on either side of the SEC’s application approval caught 澳洲幸运5官方开奖结果体彩网:leveraged traders off guard. Interestingly, nearly 70% of those liquidations occurred on the long side of the market, meaning Ether positions that had anticipated rising prices. In the lead-up to the decision, the cryptocurrency’s price dropped suddenly to around $3,500 before surging over $3,800 minutes after the approval.

Liquidations occur in derivatives trading when a broker forcibly closes a position due to insufficient margin or capꦦital in an investor's account to cover potential losses, usually caused by heightened pric💃e fluctuations, such at Ether’s price swings on Thursday.

More broadly, total crypto liquidations have nudged towards $400 million over the past 24 hours — their highest level since May 1, with the SEC’s Ether application approval sparking increased 澳洲幸运5官方开奖结果体彩网:volatility across the entire asset class as investors consider what the decision means for other digital assets.

Monitor These Key Levels Amid Ongoi♍ng Volatility

After topping out above the key $4,000 level in early March, Ether’s price traded within a falling wedge for several months before staging an impressive 19% breakout earlier this week as speculation mounted that the SEC could unexpectedly approve applications for spot Ether ETFs. Since Monday’s 澳洲幸运5官方开奖结果体彩网:wide-ranging day, tꦆhe price has remained volatile on above-average tr✤ading volumes.

Looking ahead, if Ether’s price continues to move higher, monitor the March 12 high at $4,093.88 as a potential area of 澳洲幸运5官方开奖结果体彩网:resistance. A convincing breakout above this level could see Ether revisit its 澳洲幸运5官方开奖结果体彩网:record high set at $4,867.81 in November 2021.

Conversely, on the downside, keep an eye on the $3,150 level, an area on the chart that finds support from both the wedge’s breakout point and 50-day🍎 moving aꦓverage.

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