Ethereum drops below $3k as liquidations hit $320 million

• Ethereum price has fallen below $3,000, reaching a low of $2,942 on Coinbase.
• The decline in Ethereum price comes as the Spot ETH ETF had a slow debut in Hong Kong.
• Liquidations across the entire crypto market reached $320, with over $96 million in ETH (of which over $78 million was liquidated longs).

Ethereum It has fallen again below $3,000 as the broader crypto market recovered from downside pressure.

as bitcoin Prices retested near $60,000 On Tuesday, the price of ETH declined and fell below the psychological $3k level.

On crypto exchange Bitstamp, ETH/USD hit a low of $2,945, while the second-largest cryptocurrency by market cap value hit $2,942 on US-based exchange Coinbase.

ETH price weakens amid major developments

ETH is seeing renewed downside pressure amid significant developments in the ecosystem and regulatory arena of this cryptocurrency. This past week, ConsenSys sued the US Securities and Exchange Commission (SEC)The regulator was accused of gross overreach in its enforcement actions.

Amidst these reports, ConsenSys also wanted the court not to declare ETH a security SEC deems Ethereum an unregistered security At least for the last year.

Despite these developments, Ethereum price remained stable above $3k, with hopes of the launch of a spot Bitcoin and Ethereum ETF in Hong Kong providing optimism. However, on Tuesday, April 30, spot ETH ETFs in Hong Kong did not match expected volumes and assets.

Ethereum racks up over $96 million in 24-hour liquidations

While top ETF analysts say the numbers are impressive given the size of the Hong Kong market, the market reaction has been largely negative.

Resulting in massive liquidations across the market conglass data Total liquidated assets in the last 24 hours were over $320 million at the time of writing.

Ethereum has seen the most liquidations over this period with over $96 million. Of this, more than $78.3 million is in long positions and about $18.8 million is in short positions.

Over 108,601 traders have been liquidated in 24 hours, with the largest liquidation order of $5.03 million recorded on the Binance exchange.

According to data from CoinGecko, the price of ETH has fallen by 6% in the last 24 hours.