Ethereum price forecast when the LongS liquidations rise to a bump
Ethereum price forecast when the LongS liquidations rise to a bump
ether (ETH) course suddenly crashed when more investors liquidated their positions. The coin fell back to a low of $ 1,976, the lowest level since Monday of this week. It has fallen by more than 8 % since the highest level this week.
Eth-bullish liquidations increase
Ethereum joined other cryptocurrencies in a large sale on Monday. Bitcoin fell under $ 30,000 for the second time this week. Popular coins such as Arbitrum, Space ID, Kaspa and Verasity withdrew during the same period.
It is not clear why Ethereum and other cryptocurrencies crashed on Wednesday. A likely reason is that the number of bullish liquidations has risen to the highest level in months. According to the Coinglass, the amount of the bullish rose liquidations to over $ 41.1 million. In contrast, the liquidations of shorts were over $ 1.2 million
These figures were significantly higher than on Wednesday when the liquidations of the bulls were only $ 9.6 million. The liquidations of shorts were $ 16 million.
In most periods, cryptocurrencies jump up when empty sellers begin to liquidate their coins and vice versa. For example, the price of Ethereum rose on the sudden on April 14th when the liquidations of shorts rose to over $ 62.8 million.
The decline of Ethereum also fell together with drains of several centralized stock exchanges. Binance had over $ 18 million drainage in the last 24 hours. Similarly, Bitfinex, Huobi and Bybit each lost over $ 20 million.
meanwhile the Ethereum course also responded to the latest survey by Gary Gensler on Tuesday. In congress statements, he repeatedly refused to answer whether he believes that Ethereum is now financial security.
In an earlier interview, Gensler said that he believes that Ethereum and other proof-of-stake coins were securities. His main concern is the opaque of staking, which in his opinion should be regulated to protect customers. On Monday, the SEC identified five coins, including Algorand, which it considers to be securities.
Ethereum price forecast
The daily diagram shows that the ETH price has been bullish in the past few months. He jumped to a maximum of $ 2,120, the highest level in months. A closer look shows that it has formed a dark cloud cover pattern, which explains why it fell very off. It also fell under the first resistance of the Woodie beam.
Ethereum remains over the sliding 50-day and 25-day average. Therefore, there is the likelihood that the coin will experience an interest bully outbreak in the coming weeks, since buyers target the second resistance at $ 2,200.
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todaySource: Coinlist.me
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