Ethereum (ETH) Longs Suffer $96 Million in Losses as Market Volatility Bites

October’s market volatility has taken its toll on Ethereum (ETH) traders, with long positions suffering a staggering $96 million in losses. Technical indicators suggest further downside risks, prompting caution among investors.

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The recent decline in ETH’s price has caught many long traders off guard, as sentiment had been relatively bullish earlier in the month. The sharp pullback has wiped out significant profits for those who were optimistic about the asset’s short-term outlook.

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Analysts are pointing to a combination of factors driving the downturn, including the ongoing regulatory uncertainty surrounding cryptocurrencies and the broader macroeconomic headwinds impacting global markets. The recent sell-off has pushed ETH below key support levels, raising concerns about further downward pressure in the near term.

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Traders are advised to exercise caution and carefully assess their risk tolerance before entering any new positions. The current market environment is volatile and unpredictable, and it is crucial to prioritize risk management strategies to protect capital.