Analysis: The decline of ETH in early July caused more than $300 million in long orders to be liquidated, and investors are less likely to sell in the short term

Odaily News Ethereum prices fell 18% between July 1 and July 8, falling to a low of $2,826, and have now rebounded to around $3,070. Investors' disappointment is understandable, as $313 million in leveraged long positions were liquidated during this period. Although Ethereum's current price is still below the previous support level of $3,400, on-chain and derivative indicators show that traders are gradually regaining confidence. Data disclosed by on-chain analyst Leon Waidmann showed that 40% of the ETH supply is locked in staking and DApps, while the supply on exchanges has decreased over the past month, and the number of ETH on exchanges has dropped from 13.34 million to 12.21 million. The reduction in the number of tokens that can be traded immediately means that investors are less likely to sell in the short term. (Cointelegraph)