Ethereum (ETH) has been making headlines recently as the world’s second-largest cryptocurrency by market cap. Today, Lookonchain, a blockchain analytics platform, shared on social media that a whale has liquidated a massive 160,234 ETH valued at $306.85 million.
The whale’s buying level for this substantial ETH holding was around $1,900, with a liquidation level set at $1,805. Unfortunately, as the price dropped below the liquidation level, the whale’s $306.85 million position was liquidated.
As of now, ETH is trading close to $1,908, showing a price increase of over 0.50% in the last 24 hours. However, the trading volume has decreased by 35% during the same period, indicating lower participation from traders and investors possibly due to market uncertainty and significant price fluctuations.
In terms of technical analysis, Ethereum appears bullish as it has regained momentum above the $1,900 level. Historically, this level has served as a strong price reversal zone and a key area where assets experience buying pressure.
Based on recent price action and historical patterns, if ETH manages to hold above the $1,800 level, it could potentially surge by 15% to reach $2,200 in the coming days or even higher. The asset’s Relative Strength Index (RSI) currently signals a potential price reversal, as it has formed a higher high while ETH was making a lower low.
The major liquidation levels for ETH are currently near $1,835 on the lower side and $1,970 on the upper side. Traders are reported to be over-leveraged at these levels, as per on-chain analytics firm Coinglass.
Data indicates that traders hold $585 million worth of long positions, while at the $1,970 level, they hold $410 million worth of short positions. This suggests that bulls are strongly dominating the asset and could help it sustain above the crucial $1,800 support level.
In terms of future price predictions, experts suggest that Ethereum could potentially reach a maximum of $5,925 by 2025. This projection is based on various factors influencing the cryptocurrency market dynamics.
Overall, Ethereum’s recent price movements and market dynamics indicate a positive outlook for the cryptocurrency, with potential for further price increases in the coming days. Investors and traders are advised to closely monitor the market trends and key levels to make informed decisions regarding their ETH holdings.