Ethereum positions worth $70 million faced liquidations in the last 24 hours. ETH bulls seem to have paid a heavy price for their impatience. Spot Ethereum ETF approval could push Ether's performance on par with the rest of the top five cryptocurrencies. The cryptocurrency market has been on a downtrend for nearly two weeks but Monday’s events showcased how impatient Ethereum investors are. In a downtrending market, traders are usually looking for signs of reversal to maximize profits.
BTC, ETH, SOL, BNB, XRP performance This is the second reason why Ethereum investors are eager to see ETH perform. With every potential uptick in buying pressure, traders tend to open long positions, hoping for the start of a magnificent rally. Between June 14’s low and June 16’s high, ETH rallied 8.67%, which was a relatively big jump in comparison to other altcoins. In line with this rally, the Open Interest also jumped from $14.69 billion on June 14 to $15.80 billion on June 17.
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