Ethereum

Million

<ul>
 <li>Ethereum saw an $11.15 million liquidation after a price surge from $2,632.83 to $2,796.79.</li>  
 <li>Ethereum's price is consolidating at $2.8K resistance, with potential decline if it fails.</li>  
 <li>A bearish "death cross" on moving averages suggests further price declines if resistance holds.</li> 
</ul>  
<p>A recent high-stakes gamble in the Ethereum market ended in a massive $11.15 million liquidation. The trader, who sold their Ethereum holdings expecting a price drop, faced a dramatic reversal as the price of <a href="https://cryptonewsland.com/ethereum-foundation-moves-94m-in-eth-to-kraken-amid-market-uncertainty/" target="_blank" rel="noopener noreferrer nofollow">Ethereum (ETH)</a> surged by 6.23%, from $2,632.83 to $2,796.79.</p>  
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<h2 class="wp-block-heading" id="h-ethereum-s-price-action-and-consolidation">Ethereum's Price Action and Consolidation</h2>  
<p><a href="https://ethereum.org/en/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> has been grappling with the $2.8K level, the lower boundary of a multi-month wedge pattern. This level has acted as a significant resistance point, hinting that the current pullback might be nearing its conclusion.&nbsp;</p>  
<p>After a recent retracement towards this resistance, the price has entered a consolidation phase. The low volatility observed near this resistance suggests that market demand has been insufficient to push the price higher.</p>  
<p>This indicates that the pullback could be winding down. If Ethereum could face a decline towards the $2.1K support level if it continues to struggle with the $2.8K resistance.</p>  
<p>This support area is critical; a failure to maintain this level could lead to further price drops. The persistent supply pressure at $2.8K indicates that a rejection at this point might be likely.</p>  
<h2 class="wp-block-heading" id="h-moving-averages-and-bearish-signals">Moving Averages and Bearish Signals</h2>  
<p>Adding to the <a href="https://cryptonewsland.com/ethereum-faces-key-test-at-2843/" target="_blank" rel="noopener noreferrer nofollow">bearish outlook</a>, the 100-day moving average is approaching a crossover below the 200-day moving average, forming a "death cross." This technical pattern is often viewed as a bearish signal.</p>  
<p>The <a href="https://www.litefinance.org/blog/for-professionals/100-most-efficient-forex-chart-patterns/death-cross-pattern/" target="_blank" rel="noopener noreferrer nofollow">death cross chart pattern</a> typically suggests that the price may face further declines if the $2.8K resistance holds. With Ethereum struggling at crucial resistance levels and bearish signals from moving averages, traders should stay cautious.&nbsp;</p>  
<p>The next few weeks will determine whether Ethereum can overcome the resistance or it will slide towards lower support levels.</p> 
<p>The post <a href="https://cryptonewsland.com/eth-holder-loses-11-15m-in-liquidation/" rel="noopener noreferrer nofollow">ETH Holder Liquidated for $11.15 Million After Misjudging Market Move</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

ETH Holder Liquidated for $11.15 Million After Misjudging Market Move

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