Ethereum
Two Major Ethereum (ETH) Price Targets Revealed
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Ethereum finally shows what he is capable of after rumors about the pre-approval of the Ethereum ETF spread in the crypto circle. For now, the price is preparing for a rise towards or above $4,000, but its true strength is not yet known. watch.
Ethereum has been seen in an uptrend which recently surpassed $3,900. Currently, ETH is trading around $3,898, posting a gain of 1.92%, and the upsurge is well supported by rapid trading volumes.
Ethereum/USD chart by TradingView
Technical indicators are aligning to suggest further upward movement. The 50-day EMA stands near $3,225, while the 100-day EMA stands near $3,175. Both moving averages provided strong support and confirmed the current trend. Additionally, the RSI is at 72, which means that at present, ETH is slightly overbought. However, this is not critical and therefore, in case of minor overheating, the asset may continue to grow a little higher.
Two major price targets have emerged for Ethereum:
the immediate level now appears to be the psychological one of $4,000. A decline would imply that the prevailing bearish sentiment is confirmed at the moment. This will most likely see buyers come on board and push the price even higher or, in other words, liquidate a significant amount of short orders.
Regarding the liquidation heat map: At the time, there was a huge cumulative long liquidation leverage up to $3,200, meaning there were $3 billion in open long positions – which theoretically means there could be a massive sell-off in the event of a liquidation. . More than $1 billion in short orders are closed if the price of the market’s second-largest cryptocurrency rises, causing a squeeze and scaring away the bears.
About the Author
Arman Shirinian
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman firmly believes that cryptocurrencies and blockchain will be of constant utility in the future. Currently, it focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.