Ethereum price dip extends, liquidates $10 million in long positions as exchange outflows skyrocket

Ethereum price has extended its losses by 2%, liquidating up to $10.06 million in long positions. Santiment data shows ETH supply on exchanges has reduced by around 110,000 ETH in 24 hours, from 10.77M to 10.66M. A break and close below $1,585 would spell doom for holders short-term, likely extending losses to $1,551, mid-August lows. uring the late September run, with on-chain data showing profit takers are showing no restraint.

A consistently high and positive funding rate implies there is a bullish sentiment among market participants and there is an expectation of a price hike. A consistently negative funding rate for an asset implies a bearish sentiment, indicating that traders expect the cryptocurrency’s price to fall and a bearish trend reversal is likely to occur.

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