Journalist
Posted:
- More than $ 2 billion in ETH shorts will be liquidated if the Ethereum price increases to $ 3,000.
- Ethereum is a few days to print a similar monthly BTC hammer candle which preceded a parabolic rally.
The Ethereum (ETH) exchange liquidation card indicated a massive accumulation of short positions, the potential liquidations approaching $ 2 billion if the price of ETH reaches $ 3,000.
At the time of the press, ETH was traded at $ 2,479.30. The increase in the cumulative short liquidation lever effect suggested highly low -cost speculation in this price range.
If the price of ETH reaches $ 3,000, the liquidation of these short positions could create short pressure. This could propel the even higher price as the in their open sellers cover their positions.
This could attract a more optimistic feeling and a purchase activity, pushing the price of ETH to new levels of resistance.
Source: Coringlass
Alternatively, if Ethereum does not reach this trigger point, the lowering feeling could continue. This could cause prices stabilization or additional drop if the lowering market conditions persist.
Long -position liquidations could exacerbate this if prices drop, as indicated by the smallest peaks of long liquidation.
What potential for a monthly hammer candle means?
A comparative analysis between the action of bitcoin prices in 2021 and the current movements of Ethereum shows that ETH is on the verge of the formation of a monthly hammer candlestick. This model reflects the Bitcoin motif before its 2021 rally.
If Ethereum finishes this model, he suggests a potential optimistic momentum similar to Bitcoin climb from around $ 10,000 to almost $ 66,000.
Currently, the price of Ethereum at $ 2,479.76 could follow a similar trajectory, potentially targeting the level of $ 4,800, marked by previous resistance points in 2021 before increasing around $ 16,000.
Source: tradingView
Conversely, if the model is not realized and the candle becomes negative, Ethereum could see support tests below $ 2150, aligning with the levels of support.
This model suggests an imminent decision point for ETH. The formation of a hammer candle could catalyze a rally, reflecting the historical models observed in BTC.
The next trading sessions will be crucial. They will confirm whether the ETH will imitate the explosive performance of BTC or diverge on a downward path.
Ethereum Ico Whale Coss Out
Despite the potential rally, another ICO Ethereum whale from the ICO 2015 era cashed a big. The whale deposited 3,046 ETH worth $ 8.16 million in Kraken. This follows a sale of 6,046 ETH worth $ 16.34 million in the last day, according to Eyeonchain.
With a breathtaking cost base of $ 0.31 per ETH, this for -profit wave leaves him only 1,024 ETH. While cryptographic markets struggle with generalized decreases and capitulation, this decision could amplify the lowering feeling.
Large -scale liquidations from the first adopters often scare investors, which has potentially lowered ETH prices in the midst of fragile market confidence. This means that the next Ethereum movements are at stake.
