Ethereum faces $410 million ETH liquidation as price approaches crucial resistance level

Ethereum: $410M ETH liquidation looms as price nears key resistance

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.

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