Showing impressive strength in recent weeks, Ethereum [ETH] stands as a top altcoin in the crypto market, influencing the industry as a whole.
Coinglass data indicates the possibility of a $410.17 million ETH liquidation if the price reaches $2,616.57, a level rich in liquidity favored by larger traders known as “whales.”
These liquidation zones can heavily influence market dynamics, exerting pressure on both buying and selling. As Ethereum eyes the $2,616.57 threshold, it aims to tap into this liquidity.
ETH Price Momentum on the Rise
An analysis of Ethereum’s price action, especially against USDT, reveals a pattern on daily charts characterized by the Wave Trend Momentum Oscillator (WTMO).
Historically, alignment in the oscillator’s lows signals impending price surges, with past rallies exceeding 76.38%. Despite minor corrections, Ethereum has been steadily climbing for two weeks.
Approaching the critical $2,616 mark, breaching this level might trigger further liquidations, potentially propelling ETH above $3,000.
Whale Engagement Boosts Market Sentiment
Notably, whale activity on the Ethereum network is on the rise, reinforcing the bullish sentiment towards ETH.
A recent $5.17 million purchase of 2,117.7 ETH by a whale signals continued bullish outlook. While this whale faced losses previously, an increase in such activity could drive Ethereum beyond $2,616.
Looking ahead, Ethereum’s co-founder Vitalik Buterin highlighted the platform’s 2024 roadmap in a viral X video.
He stressed Ethereum’s scalability, usability, and zero-knowledge infrastructure, envisioning a future with apps serving billions. With a robust foundation and increasing adoption, Ethereum is set to lead the blockchain technology evolution.