Such a development can set the stage for renewed interest in the futures market.” With the futures market potentially resetting, CryptoQuant believes that if demand returns, Ethereum could be poised for another impulsive bullish surge in the longer term that could send prices above previous all-time high levels. ETH’s Price Path To $3,000 Crypto analyst Caleb Franzen echoed a similar prediction for ETH’s price in a social media post on the X platform (formerly Twitter), suggesting that if Ethereum can take out the $2,725 level, it could signal a strong move higher. Franzen’s analysis of the 4-hour candles and market structure indicates a series of higher lows and a bullish reading on the supertrend indicators, further fueling the optimism surrounding Ethereum’s future performance.
Massive Ethereum Liquidations Trigger Bullish Signals According to a recent report by market analytics firm CryptoQuant on the ETH’s price action, the chart below highlights a substantial liquidation of long perpetual positions on the futures market experienced during last week’s crash. The firm notes that in sustained bull markets, such a significant liquidation event is often followed by a major price rally as the futures market stabilizes and spot buying pressure takes over.
Related Reading: Legendary Fibonacci Extension Reveals When Bitcoin Will Reach $109,000 “The recent cascade has triggered massive long liquidations, reaching levels not seen since November 2022,” the firm noted.“This substantial liquidation likely indicates a cooling of the futures market, where many leveraged positions have been flushed out.
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