The month of October has not started off on a positive note for Ethereum (ETH) traders, as geopolitical tensions in the Middle East have led to a significant market downturn. Over the past 24 hours, more than $529 million in long positions were liquidated, with long traders bearing the brunt of the losses. The price of ETH plummeted to $2,464, marking its lowest point in the last ten days and triggering forced liquidations for many traders who had bet on a price increase. Long traders suffered a total loss of $97.96 million, the highest in the past two months.
Despite the setback, there seems to be some ongoing optimism in the market, as the funding rate for ETH futures currently stands at 0.0052%. This suggests that some traders are still hopeful for a potential recovery in the near future.
The recent market downturn in Ethereum can be attributed to the escalating tensions in the Middle East, which have caused a ripple effect across global markets. Traders are advised to exercise caution and closely monitor the market conditions to make informed decisions.
As the crypto market continues to experience volatility, it is essential for traders to stay updated on the latest developments and trends to navigate the market effectively. Stay tuned for more updates on Ethereum and other cryptocurrencies as the market dynamics continue to evolve.