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Ethereum breaches key support, receives ‘digital oil’ tag from world's largest bank

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Ethereum News

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Ethereum (ETH) is down over 6% on Tuesday as the general crypto market is trending downward.

Ethereum is termed the digital oil of the digital future by the world's largest bank, ICBC. SEC is yet to provide feedback on ETH ETF S-1s despite expectations of agency's comments earlier on Friday. Ethereum's recent sell-off may be temporary, considering bullish events on the horizon. Ethereum is down over 6% on Tuesday as the general crypto market is trending downward.

The market decline has accelerated ETH liquidations, with long liquidations accounting for $48.39 million of a total of $52.58 liquidations in the past 24 hours. Also read:Is Ethereum price forming a local top? ETH open interest has declined by about $680 million between Friday and Tuesday. Specifically, ETH options OI also reduced by $1.21 billion in the same time range. Coupled with declining options volume, this confirms the bearish sentiment in the market.

 

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