Ethereum

FOMO

Bitcoin

Million

<p>The post <a href="https://coinpedia.org/price-analysis/ethereum-faces-rejection-as-bulls-liquidate-3-5-million-in-positions-is-eth-price-set-for-a-correction/" rel="noopener noreferrer nofollow">Ethereum Faces Rejection As Bulls Liquidate $3.5 Million In Positions! Is ETH Price Set For A Correction?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>In the past several hours, Bitcoin and Ethereum experienced a downturn following their recent highs at approximately $42,000 and $2,300. Analysis of on-chain data indicates that short-term investors are taking this chance to sell their holdings and exit the market with gains. Despite this, strengthening support levels suggest that Ethereum’s price is poised for a recovery and likely to resume its upward trend.</p>
<h2 class="wp-block-heading" id="h-bulls-liquidated-3-5-million-worth-of-positions">Bulls Liquidated $3.5 Million Worth Of Positions</h2>
<p>ETH price faced resistance slightly under $2,300, leading to a wave of sell-offs by investors eager to secure their profits from the recent rally. According to Coinglass data, short-term traders sold off more than $3.5 million in long positions following the price’s failure to maintain its upward momentum. Consequently, ETH’s value dipped just below the immediate Fibonacci retracement levels.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/LIvk2vsSTV7H-Fnp9vwa-h83-b_amaAZqpXe072KktElvH17oLJWx6UBwlX2mHc9heOVhuUTFqjch4nen6_P6xmw8APqGATILPYemxE4_F8XWE9G4Zd_u-CrXVBpjWejFfkfC6Pt7-Nf0oxRPZCth8I" alt="">
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<p>In a recent statement by Santiment, a prominent on-chain analytics company, it was noted that Ethereum’s market value has surged, reaching $2,250 for the first time in over one and a half years. This significant milestone brings an increase in open interest and long positions in the Ethereum market.</p>
<p>Santiment highlighted that this trend is indicative of a growing sense of FOMO traders. While there is potential for further price increases, on-chain data cautioned that the market is also facing increased risk of a correction. This is primarily due to traders engaging in increasingly leveraged positions driven by greed, which could lead to greater market volatility and potential corrections.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/SBNOyI8LUbQAp0uDGcKQDYmcQ2PfUxLfbYkb89k3RwpimNYb1mF-5mArvrQBosIu0i9F-UqL83rBxVS0fhPAj7nOG95joVqNkIbqyJmA4E2hAWNrRv331R28I2n0iwF5FdOGU16IvIijS4DLqbZXXhM" alt="">
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<p>Despite the recent dip, the downturn appears to be a temporary setback, as the price of ETH showed a strong refusal to fall further and <a href="https://coinpedia.org/news/institutional-investors-pour-funds-into-bitcoin-and-ethereum-bybit-report-reveals/" rel="noopener noreferrer nofollow">bounced back</a> quickly. The long-short ratio has surged past 1, currently trading at 1.2012, indicating that 55% of holders are now anticipating a rise in price. On the other hand, bears are putting up a strong resistance, with 45% holding short positions.</p>
<h2 class="wp-block-heading" id="h-what-s-next-for-eth-price">What’s Next For ETH Price?</h2>
<p>Ether recently experienced a strong recovery from its 23.6% Fib channel after sellers failed to plunge the price below $2,200, showing that buyers are actively defending this price level. However, buyers are facing resistance to push the price beyond $2.3K. As of writing, ETH price trades at $2,217, surging over 3% from yesterday’s rate.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/XV6prypQ-UYMPnhRkyKip9kHn7GQTZWYUrz3yTiAiR50vdmkqFscQfUzzXA0m7EtZnNCXDFzYImK_-02NJkDRi4IRF02_Ys-OXt2Tyo9VEzgasOGhQoa84JzmcC4dbvDttTCo15zxaT_yaFjPMJTwPw" alt="">
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<p>Looking forward, the bulls will attempt to drive the price towards the significant overhead resistance at $2,464, a crucial level to monitor in the short term. A successful break through this resistance could complete an ascending triangle pattern, a bullish indicator. The completion of this pattern could set a target price around $2,800.</p>
<p>On the flip side, the 20-day EMA serves as a critical support level. If the price falls below this, it will signal a weakening of the bullish momentum. Such a break could potentially lead to a decline towards the crucial $2,000 mark.</p>

Ethereum Faces Rejection As Bulls Liquidate $3.5 Million In Positions! Is ETH Price Set For A Correction?

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