Why Ethereum Is Down 6.8% Today
The cryptocurrency Ethereum (CRYPTO: ETH) is down 6.4% in 24 hours as of this writing at 10:25 a.m. ET on Monday, Sept. 22. If weekends were normal market days -- as they are in the always-available crypto market -- Ethereum was down 6.8% from 4 p.m. ET on Sunday.
Ethereum's price drop was part of a broad slump across the crypto sector. Both volatile meme coins and robust leaders in the sector showed steep price drops on Monday. And this downtick comes from a surprisingly bullish event: Investors are taking profits on recent Ethereum gains.
Many traders faced the expiration of leveraged crypto positions over the weekend, resulting in a sweeping wave of liquidations. In Ethereum's case, these liquidations largely involved converting paper profits into cash payouts, because the cryptocurrency is trading near all-time highs these days.
Source Fool.com
