ETH(Ethereum)24-hour fall 12.18%

Gate News Bot news, October 11, according to CoinMarketCap data, as of the time of writing, ETH(Ethereum) is currently priced at $3845.66, with a 12.18% fall in the last 24 hours, reaching a high of $4755.22 and a low of $3460.22. The 24-hour volume is $98.948 billion. The current market capitalization is approximately $464.183 billion, a decrease of about $64.404 billion compared to yesterday.

Ethereum is a leading innovative application and blockchain network platform that provides infrastructure for decentralized applications ( DApps ) and smart contracts. It supports various application scenarios such as stablecoins, decentralized finance ( DeFi ), non-fungible tokens ( NFT ), making it a major ecosystem for blockchain innovation.

Important recent news about ETH:

1️⃣ Market is experiencing significant fluctuations, ETH price is oscillating sharply ETH price experienced significant fluctuations in a short period. The price once fell below 3700 USDT, then broke through 3900 USDT, and finally hovered around 3800 USDT. This large volatility reflects the instability of market sentiment and the divergence among traders.

2️⃣ Large investors incur losses, market confidence undermined A well-known investor's ETH long position was liquidated, resulting in a cumulative loss of 12.16 million USD over the past 2 hours, with a total loss of 29.92 million USD within a month. This event may raise questions about the strategies of large investors in the market, potentially impacting overall market confidence.

3️⃣ Short selling strategies profit, exacerbating downward pressure on the market A giant whale investor has made a profit of 72.33 million USD by shorting BTC and ETH in the past 24 hours. This successful shorting strategy may attract more investors to follow suit, thereby increasing the downward pressure on ETH.

From a technical perspective, the ETH price has formed a key support level around 3800 USDT. If this support level is broken, it may trigger further falls. On the other hand, 3900 USDT has become an important resistance level recently, and breaking this level may lead to a short-term rebound.

This message is not intended as investment advice; investors should be aware of market volatility risks.