Ethereum (ETH) Poised for 15% Rally, Eyes on $2,200
Ethereum (ETH) is the world’s second largest cryptocurrency division. Today, blockchain analytics platform Lookonchain has posted several posts on X (formerly known as Twitter) indicating that a whale has liquidated 160,234 ETH, worth $306.85 million.
Crypto Insider has liquidated $306 million in ETH
However, this massive ETH holdings have a purchase level of about $1,900 and a liquidation level of $1,805. With prices below liquidation levels, the whale’s $306.85 million position has been liquidated.
At press time, ETH was trading close to $1,908, with a price increase of more than 0.50% in the past 24 hours. However, during the same period, its trading volume fell by 35%, indicating a decrease in traders and investors’ participation rates, which may be due to ongoing market uncertainty and significant price volatility.
Ethereum (ETH) technical analysis and upcoming levels
According to expert technical analysis, ETH appears to be bullish as it has regained momentum above $1,900. Historically, this level has been a strong price reversal zone and a key area for assets to experience purchasing pressure.
Based on recent price action and historical patterns, if ETH holds the $1,800 level, it could increase by 15% to reach a $2,200 or even higher in the coming days. At press time, the asset’s relative strength index (RSI) marks a potential price reversal because it is higher in height and lower in ETH.
Main liquidation level
As of press time, the main liquidation level on the lower side was close to $1,835 and the upper side was $1,970, and traders were overly leveraged at these levels, as reported by link analytics company Coinglass.
The data further suggests that traders hold long positions worth $585 million, while at the $1,970 level they hold short positions worth $410 million, suggesting that the Bulls strongly dominate the assets and can help them maintain a crucial $1,800 support level.
