After enduring a significant downturn at the beginning of the past week, Ethereum (ETH), the second-largest cryptocurrency, has staged a modest recovery, reclaiming the crucial $2,600 level and setting its sights on the $3,000 milestone once again.
The August 5 crash, which saw Ethereum’s price plummet to $2,112, marked the year’s largest market slump. However, the digital asset has since bounced back, 8% in the last seven days, hinting at the possibility of a more sustained bullish trend.
Massive Ethereum Liquidations Trigger Bullish Signals
According to a recent report by market analytics firm CryptoQuant on the ETH’s price action, the chart below highlights a substantial liquidation of long perpetual positions on the futures market experienced during last week’s crash.
The firm notes that in sustained bull markets, such a significant liquidation event is often followed by a major price rally as the futures market stabilizes and spot buying pressure takes over.
Related Reading
“The recent cascade has triggered massive long liquidations, reaching levels not seen since November 2022,” the firm noted. “This substantial liquidation likely indicates a cooling of the futures market, where many leveraged positions have been flushed out. Such a development can set the stage for renewed interest in the futures market.”
With the futures market potentially resetting, CryptoQuant believes that if demand returns, Ethereum could be poised for another impulsive bullish surge in the longer term that could send prices above previous all-time high levels.
ETH’s Price Path To $3,000
Crypto analyst Caleb Franzen echoed a similar prediction for ETH’s price in a social media post on the X platform (formerly Twitter), suggesting that if Ethereum can take out the $2,725 level, it could signal a strong move higher.
Franzen’s analysis of the 4-hour candles and market structure indicates a series of higher lows and a bullish reading on the supertrend indicators, further fueling the optimism surrounding Ethereum’s future performance.
Related Reading
However, with ETH currently trading at $2,645, the first resistance on the ETH/USDT weekly chart, located at the $2,700 level, has proven to be the first hurdle for the second-largest cryptocurrency to overcome in recent days.
In a scenario where the current rally extends into the coming weeks and the ETH price tackles the level highlighted by Franzen, the $2,900 and $2,990 resistance walls would be the last obstacles to reclaim the $3,000 level.
Conversely, the token will need to secure and consolidate above the $2,550 level to prevent further declines toward the next support on the daily chart, currently located at the $2,345 level following its 25% correction.
Featured image from DALL-E, chart from TradingView.com
After enduring a significant downturn at the beginning of the past week, Ethereum (ETH), the second-largest cryptocurrency, has staged a modest recovery, reclaiming the crucial $2,600 level and setting its sights on the $3,000 milestone once again.
The August 5 crash, which saw Ethereum’s price plummet to $2,112, marked the year’s largest market slump. However, the digital asset has since bounced back, 8% in the last seven days, hinting at the possibility of a more sustained bullish trend.
Massive Ethereum Liquidations Trigger Bullish Signals
According to a recent report by market analytics firm CryptoQuant on the ETH’s price action, the chart below highlights a substantial liquidation of long perpetual positions on the futures market experienced during last week’s crash.
The firm notes that in sustained bull markets, such a significant liquidation event is often followed by a major price rally as the futures market stabilizes and spot buying pressure takes over.
Related Reading
“The recent cascade has triggered massive long liquidations, reaching levels not seen since November 2022,” the firm noted. “This substantial liquidation likely indicates a cooling of the futures market, where many leveraged positions have been flushed out. Such a development can set the stage for renewed interest in the futures market.”
With the futures market potentially resetting, CryptoQuant believes that if demand returns, Ethereum could be poised for another impulsive bullish surge in the longer term that could send prices above previous all-time high levels.
ETH’s Price Path To $3,000
Crypto analyst Caleb Franzen echoed a similar prediction for ETH’s price in a social media post on the X platform (formerly Twitter), suggesting that if Ethereum can take out the $2,725 level, it could signal a strong move higher.
Franzen’s analysis of the 4-hour candles and market structure indicates a series of higher lows and a bullish reading on the supertrend indicators, further fueling the optimism surrounding Ethereum’s future performance.
Related Reading
However, with ETH currently trading at $2,645, the first resistance on the ETH/USDT weekly chart, located at the $2,700 level, has proven to be the first hurdle for the second-largest cryptocurrency to overcome in recent days.
In a scenario where the current rally extends into the coming weeks and the ETH price tackles the level highlighted by Franzen, the $2,900 and $2,990 resistance walls would be the last obstacles to reclaim the $3,000 level.
Conversely, the token will need to secure and consolidate above the $2,550 level to prevent further declines toward the next support on the daily chart, currently located at the $2,345 level following its 25% correction.
Featured image from DALL-E, chart from TradingView.com
clomid cost australia cost generic clomiphene prices can i order clomid online how to get generic clomid without dr prescription clomid medication effects clomiphene prescription uk cost of clomiphene without prescription
More posts like this would force the blogosphere more useful.
This website absolutely has all of the tidings and facts I needed about this participant and didn’t identify who to ask.
zithromax oral – brand azithromycin 250mg cheap metronidazole 200mg
order rybelsus 14 mg generic – order periactin 4mg online order cyproheptadine 4mg without prescription
order motilium – buy sumycin pills for sale flexeril usa
augmentin online – atbio info ampicillin brand
esomeprazole buy online – anexamate purchase nexium pills
order warfarin 5mg generic – coumamide hyzaar tablet
mobic 15mg without prescription – https://moboxsin.com/ order generic mobic 7.5mg
prednisone 40mg over the counter – inflammatory bowel diseases deltasone 5mg canada
buy ed pills for sale – erection pills buy ed meds
buy amoxicillin tablets – https://combamoxi.com/ buy amoxicillin pills
fluconazole brand – https://gpdifluca.com/ order forcan generic
escitalopram 10mg price – on this site escitalopram 20mg tablet
cenforce 100mg tablet – https://cenforcers.com/ cenforce order online
cialis coupon walgreens – https://ciltadgn.com/ cialis without a doctor prescription canada
cialis commercial bathtub – strong tadafl how to get cialis for free
buy zantac online cheap – aranitidine purchase ranitidine generic
how to buy viagra online in canada – https://strongvpls.com/# buy viagra gold coast
With thanks. Loads of erudition! click
This is the amicable of glad I get high on reading. gabapentin cheap
More posts like this would add up to the online time more useful. https://ursxdol.com/get-cialis-professional/
The thoroughness in this section is noteworthy. https://prohnrg.com/product/rosuvastatin-for-sale/
This is the tolerant of delivery I find helpful. lasix 40 mg prix