Ethereum Price Analysis
Overview
Ethereum’s price has been in focus following a surge in liquidations after the SEC approved applications for spot Ether ETFs. The cryptocurrency market experienced heightened volatility, with Ether’s price showing significant movements.
Key Takeaways
- Total Ether liquidations exceeded $150 million in the past 24 hours.
- Approximately 70% of the liquidations were on the long side of the market.
- Ether’s price faces potential resistance near $4,093.88 and support around $3,150.
Market Analysis
After consolidating within a falling wedge pattern, Ether broke out with a 19% increase earlier this week. Traders are closely monitoring key price levels for potential trading opportunities.
Price Levels to Watch
If Ether continues its upward momentum, the $4,093.88 level could act as a key resistance point. A successful breakout above this level may lead to a retest of the all-time high at $4,867.81.
On the downside, $3,150 serves as a crucial support level, backed by the wedge’s breakout point and the 50-day moving average.
Conclusion
As the market reacts to the SEC’s decision and overall crypto volatility, traders are advised to stay vigilant and monitor price movements closely for potential trading opportunities.
