Ethereum
Ethereum (ETH) Skyrockets 18% in 3 Days as Bitcoin Taps $48K (Market Watch)
Aside from a brief price drop yesterday, bitcoin has continued its gradual price increase by exceeding $48,000. Most alternative coins are also in the green, with ETH leading the pack by surging 6% on the day and reclaiming $3,600.
Bitcoin Goes Over $48K
After the relatively stable weekend in which BTC stood around $46,000, enhanced volatility reached the market on Monday. Fake reports claiming that Walmart will accept Litecoin payments for its online services sent bitcoin up by $1,500 in minutes before it crumbled by $3,000 less than an hour later.
The impact of the fake news and the most recent Chinese FUD, though, was short-lived. The bulls returned to the game and drove bitcoin north again.
As such, bitcoin begun to reclaim round-numbered price tags in the following days, leading to yesterday’s surge above $47,000. It kept climbing and even tapped $48,000 briefly before it was rejected and driven back down by around $1,000.
However, the bulls kept the pressure on and ultimately pushed BTC up to around $48,500, which became the highest price line since last Monday. As of now, bitcoin has lost a few hundred dollars, but its market capitalization stands above $900 billion.
Ethereum’s Three Day Rise
The second-largest cryptocurrency also dumped hard on Monday from a high of $3,400 to a low of $3,100. Similar to BTC, ETH began recovering quickly. Earlier today, the asset neared $3,700 for a new weekly high.
Despite retracing slightly, it still stands above $3,600 and is about 6% up on the day. Since Monday’s low, ETH has risen by almost 20%.
Cardano, Binance Coin, Ripple, Chainlink, and Litecoin have also charted some gains on a 24-hour scale. Avalanche and Uniswap have seen their prices rise by 6% and 9% respectively. Solana and Polkadot, Dogecoin and Terra, however, have stagnated since yesterday.
Further gains come from Ren (22%), Horizen (22%), SushiSwap (19%), Synthetix (19%), THORChain (16%), Telcoin (12%), Curve DAO Token (12%), and Revain (12%).
The crypto market cap has increased by roughly $60 billion in a day and has risen above $2.2 trillion.
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Ethereum
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Ethereum
Ethereum Price Analysis: This Support Is Crucial for Ethereum to Reach $4K
Ethereum is grappling with a decisive support range between the 100-day MA ($3.2K) and the 200-day MA ($3K), a critical region serving as the buyers’ last line of defense.
The outcome at this level is expected to shape Ethereum’s mid-term trajectory.
Technical Analysis
By Shayan
The Daily Chart
ETH recently encountered heightened volatility as it approached the significant $3.2K-$3K price range, reflecting an intense battle between buyers and sellers. The price action highlights sellers’ attempts to push the asset below these key moving averages, signaling a potential bearish breakdown.
Currently, Ethereum is finding temporary support within this range, with the price confined between the $3.2K level and the bullish flag’s upper boundary. A decisive breakout in either direction is likely to determine the next major trend for Ethereum.
The 4-Hour Chart
On the 4-hour chart, Ethereum consolidated near the 0.5 ($3.2K) and 0.618 ($3K) Fibonacci retracement levels before briefly breaking below this critical support zone. However, strong buying interest quickly drove the asset back above the $3.2K mark.
This region remains pivotal as it represents the final primary support zone for buyers. A sustained hold above the $3.2K level could reignite bullish momentum, targeting a recovery toward higher resistance lines.
Conversely, a breakdown below this range could trigger liquidations, potentially driving the price toward the $2.5K support zone. For now, Ethereum is consolidating near this critical region, with a battle between buyers and sellers dictating the market’s next move.
Onchain Analysis
By Shayan
The Binance liquidation heatmap provides insights into key levels where significant liquidation events are likely. Based on the clustering of liquidation levels for long and short positions, these levels often act as magnets, driving price action toward them as market participants aim to capture liquidity.
During the recent shake-off, Ethereum grabbed liquidity at the $3K mark, resulting in a sharp price recovery. A notable cluster of wrecked levels still exists just below the critical $3K support, representing long-position liquidations. This makes the $3K area highly attractive to bears and institutional sellers, increasing the probability of a bearish breakout toward these levels in the mid-term.
However, a significant liquidity pool also rests at the $4K threshold, marking a potential ultimate target for buyers. However, it is likely that the price may grab liquidity below $3K first, creating a shakeout phase before resuming a bullish trajectory toward $4K. While Ethereum’s current price action reflects consolidation, the $3K level remains pivotal. A bearish breakout to capture liquidity below $3K is plausible in the short-to-mid term.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Ethereum
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