Ethereum

Bitcoin

Coin

<ul class="news-points"> 
 <li>ETH correlated with BTC’s movement as shorts suffered a massive wipeout from their positions.</li> 
 <li>ETH may not override selling pressure as the 20 EMA crossed below the 50 EMA.</li> 
 <li>The funding rate was positive, indicating widespread bullish sentiment and risk of a potential top.</li> 
</ul> 
Over the last 24 hours, more than $25 million of <a href="https://coinedition.com/tag/ethereum-eth/">Ethereum (ETH)</a> positions have been liquidated. Also, Coinglass revealed that short-positioned traders accounted for the highest portion of this casualty. 
This was a result of ETH’s 5% hike to $1,814 — a value it last hit two weeks back. The price rise could come as a surprise to traders, especially as the current market condition tilts toward a 50% <a href="https://coinedition.com/crypto-analyst-bitcoin-to-rally-to-48k-ahead-of-2024-halving/">Bitcoin (BTC) dominance</a>. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
 <img decoding="async" width="1348" height="603" src="https://coinedition.com/wp-content/uploads/2023/06/CMC.png" alt="" class="wp-image-302986" srcset="https://coinedition.com/wp-content/uploads/2023/06/CMC.png 1348w, https://coinedition.com/wp-content/uploads/2023/06/CMC-300x134.png 300w, https://coinedition.com/wp-content/uploads/2023/06/CMC-313x140.png 313w, https://coinedition.com/wp-content/uploads/2023/06/CMC-380x170.png 380w, https://coinedition.com/wp-content/uploads/2023/06/CMC-768x344.png 768w, https://coinedition.com/wp-content/uploads/2023/06/CMC-696x311.png 696w, https://coinedition.com/wp-content/uploads/2023/06/CMC-127x57.png 127w, https://coinedition.com/wp-content/uploads/2023/06/CMC-159x71.png 159w, https://coinedition.com/wp-content/uploads/2023/06/CMC-255x114.png 255w, https://coinedition.com/wp-content/uploads/2023/06/CMC-795x356.png 795w, https://coinedition.com/wp-content/uploads/2023/06/CMC-440x197.png 440w, https://coinedition.com/wp-content/uploads/2023/06/CMC-414x185.png 414w, https://coinedition.com/wp-content/uploads/2023/06/CMC-326x146.png 326w, https://coinedition.com/wp-content/uploads/2023/06/CMC-377x169.png 377w, https://coinedition.com/wp-content/uploads/2023/06/CMC-328x147.png 328w, https://coinedition.com/wp-content/uploads/2023/06/CMC-144x64.png 144w, https://coinedition.com/wp-content/uploads/2023/06/CMC-123x55.png 123w, https://coinedition.com/wp-content/uploads/2023/06/CMC-129x58.png 129w" sizes="(max-width: 1348px) 100vw, 1348px">
 <figcaption class="wp-element-caption">
 Market Cap Dominance Data | Source: CoinMarketCap
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</div> 
Ethereum, on the other hand, had a 19.42% dominance, according to CoinMarketCap. Typically, this infers that altcoins might find it difficult to outperform BTC. So, seeing ETH correlating with BTC’s movement might have left market participants perplexed. 
<h2 class="wp-block-heading" id="h-weary-buyers-may-lead-eth-down">Weary buyers may lead ETH down</h2> 
One reason ETH was able to cross the $1,800 mark was the <a href="https://coinedition.com/eth-could-see-potential-rally-to-2700-if-technicals-align/">bullish push</a> created at $1,650 on June 15. 
Although the price has…
The post <a rel="nofollow" href="https://coinedition.com/ethereum-eth-why-bearish-bias-may-linger-despite-shorts-liquidation/">Ethereum (ETH): Why Bearish Bias May Linger Despite Shorts Liquidation</a> appeared first on <a rel="nofollow" href="https://coinedition.com">Coin Edition</a>.

Ethereum (ETH): Why Bearish Bias May Linger Despite Shorts Liquidation

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