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Ethereum price is down today and data suggests the correction was influenced by more than just futures liquidations.
Ether (ETH) experienced a steep 9.5% correction in the early hours of Dec. 11. However, buyers quickly stepped in to defend the $2,220 support. Traders are now beginning to question whether the Ethereum network has what it takes to reinstate the bullish momentum to Ether price.
It is worth noticing that the correction aligned with the broader cryptocurrency market, as Ether’s current 6.7% decline in the last 24 hours closely matches Bitcoin’s (BTC) 5.4% and XRP’s (XRP) 6.6% negative performances.
Naturally, excessive leverage is typically blamed for price movements that partially revert within minutes. The truth is that only $86 million in ETH long future contracts were forcefully terminated in the past 24 hours. This number pales in comparison to the $7.8 billion open interest in ETH futures, indicating that a significant portion of the $600 billion decline in available positions resulted from traders themselves.
