Meanwhile, ETH trading volumes during this period have gone up by 55% and currently sit at nearly $40 billion, accounting for 14% of the token’s total circulating supply. This is a huge volume spike and one that suggests that selling pressure has accelerated.

This amount of liquidation has prompted a long squeeze that has probably contributed to push trading volumes higher as a significant number of stop orders for ETH – an asset that had been performing quite well in the past month or so – were triggered amid the decline.

We recently shared a price prediction that anticipated a big surge to $4,100 for ETH as long as it consolidated a bullish breakout above the $2,750 level.

The token rose above that marker four days ago but was met by significant selling volumes, partially amid failed negotiations between the U.S. and China on the trade front after a week of discussions and now due to this military development in the Middle East.