Ethereum

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You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereums-critical-level-2450-a-decisive-point-for-eth-bulls" rel="noopener noreferrer nofollow">Ethereum’s Critical Level: $2,450 – A Decisive Point for ETH Bulls</a> 
Since the beginning of 2023, Ethereum (ETH) has experienced six significant upward movements, often triggered by the liquidation of long positions. The second-largest liquidation of long positions occurred on January 12, following the approval of spot <a href="https://en.bitcoinhaber.net/bitcoin-price-surge-gains-attention-key-levels-and-expert-analysis" rel="noopener noreferrer nofollow">Bitcoin</a> ETFs, leading to a substantial price correction in ETH.
Recent analysis shows that the liquidation of long positions can result in the formation of long-tailed candlesticks, signaling potential buying by whales. These candlesticks’ lowest points are considered critical, indicating extreme market sentiment.
Such extreme conditions are crucial in determining price direction. If the price sustains above the liquidation point, it instills confidence in investors, potentially increasing buying activity. Historical patterns from September, October, November, and December 2023 support this model.
According to MAC_D, a CryptoQuant analyst, the critical level is $2,450. If ETH remains above this and quickly recovers, a strong rebound is likely. However, falling below this level could signal a sentiment shift and a downward price trend.
Currently, ETH is trading at $2,475, a 262% increase over the last 24 hours, indicating that the bulls have the upper hand. The decreasing supply of the leading altcoin on exchanges and its all-time low levels, along with Ethereum’s growing dominance over Bitcoin, suggest an optimistic outlook among investors.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereums-critical-level-2450-a-decisive-point-for-eth-bulls" rel="noopener noreferrer nofollow">Ethereum’s Critical Level: $2,450 – A Decisive Point for ETH Bulls</a></h5>

Ethereum’s Critical Level: $2,450 – A Decisive Point for ETH Bulls

BH NEWS

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