Ethereum drops 9% in 8 hours as liquidations wipe out $670M in longs

Ethereum (ETH) is currently consolidating after a recent selloff, managing to stay above key support levels while facing resistance around the $3,400 mark. The cryptocurrency is trading near $3,131, with initial support at $3,050, indicating a sideways trend until a decisive breakout occurs above the descending resistance.

XRP has emerged as a leader in institutional inflows, with Spot XRP ETFs experiencing 19 consecutive days of inflows totaling nearly $1 billion, despite the cryptocurrency's price remaining stagnant around $2. This disconnect between strong demand and price performance raises questions about market dynamics.

Ethereum's activity has reached a seven-month low, with active addresses declining by 32% from their August peak, reflecting a significant downturn in market engagement. The cryptocurrency is currently trading below the critical $3,200 level, facing persistent selling pressure and macroeconomic uncertainties.

Paradex has launched Privacy Perps, a new feature that encrypts trades and account data across all layers, enhancing end-to-end user data privacy in the cryptocurrency space. This initiative aims to provide users with greater security and confidentiality in their transactions.

Bitcoin's price remains below the $90,000 mark, struggling to regain higher levels as market bulls attempt to defend current demand zones. Following a significant correction, the price has entered a consolidation phase, which may appear stable but is accompanied by rising structural risks according to on-chain data from CryptoQuant and XWIN Research Japan.

A major Ethereum whale has made headlines by purchasing $119 million worth of ETH amid a market downturn, as Ethereum struggles to regain momentum after failing to surpass the $3,200 mark. This purchase reflects a cautious approach by traders who are focusing on defending current demand zones rather than pushing prices higher.

Trust Wallet has announced the introduction of zero swap gas fees on the Ethereum network, allowing users to perform token swaps without incurring transaction costs. This initiative aims to enhance user experience by eliminating the financial barrier associated with gas fees during swaps.

MetaMask has introduced Bitcoin support, allowing users to buy, swap, and transfer BTC directly within the wallet using various payment methods. This enhancement marks a significant expansion of MetaMask's functionality in the cryptocurrency space.