With ETH price plummeting MakerDAO vault likely faces liquidation with $4 million<br><br>

Ethereum price plummating

With ETH price plummeting MakerDAO vault likely faces liquidation with $4 million

The continuous downtrend in the crypto market is now seeing some potential liquidation looming over its head. The available data for the Maker DAO vault is hinting toward the likelihood of its liquidation at $1,284. According to the Defi Llama data, the value of Maker DAO stands at more than $4.3 million.

Vaults with the largest positions:

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Source: Being crypto

As per the data available on the Defi Llama, the liquidation level in DeFi is about $1.5 billion in total, with $109.8 million within 20% of its current price. According to the Oasis DApp, the vault with $4.3 million worth of collateral locked.

Source: Oasis app

With the strings of bad news hitting the market, the crypto market has been enduring some pain over the last few days. It is certainly not a good news and time for the investors to invest, who have been waiting for the market to pick up post the rough year. However, there are hopes but, there have been a few developments around the corner, that may restrict the best possible outcomes of the market towards the end of the year.

According to the data from Coinglass, the total liquidation of ETH has crossed $165 million. Nearly $140 million of the amount came from those who went long. The price of the ETH continues to remain volatile and indicates more liquidation in store yet.

ETH Liquidation:

Source: CoinGlass

There may be multiple reasons for the dropping of ETH prices, but it is difficult to pinpoint definite reasons. In any of the cases, investors might want to keep a close eye on the ETH in the coming weeks,

Post Merge Uncertainty

ETH post merge, it was highly anticipated by the investors that Ethereum may witness a decent increase in its price but, that does not appear to be the story. Post merge the market has been filled with strings of downtrend news. Ethereum and Ether have been the talk of the crypto town since last week, but certainly not for the best reasons. Gary Gensler, SEC chair, stated that the staking model may likely make ETH a security, which might have contributed to its price drop. Further, there is likely that the Federal Reserve of the United States may increase the interest rate in the coming days affecting the cryptocurrencies.