The post Ethereum ‘breaks’ 14-day streak, but is $3000 really on the cards? appeared on BitcoinEthereumNews.com.

If ETH’s price falls to $2,705, nearly $323 million worth of long positions will be liquidated According to one expert, Ethereum’s market cap will surpass Bitcoin’s market cap within the next five years  The wider cryptocurrency market recorded a significant rally after the potential interest rate cut announcement by the Fed Chair. Ethereum (ETH) was no different, with the world’s second-largest cryptocurrency by market capitalization breaking its 14-days of consolidation zone and turning bullish.  Ethereum’s breakout and upcoming levels Between 8 and 23 August, ETH had been consolidating in a tight range between the $2,730 and $2,725 levels. Following the Fed Chair’s rate cut announcement, however, it broke of this zone and closed a daily candle above $2,760. Source: TradingView This breakout and candle closing above the zone might signal a bullish outlook for ETH. This, despite it trading below the 200 Exponential Moving Average (EMA). Based on the price action and technical analysis, there is a high possibility that the altcoin’s price could soar to $3,000 – Its next resistance level. At press time, ETH was trading near the $2,760 level, following a hike of over 3.5% in 24 hours. Meanwhile, its trading volume rose by 40% over the same period. This is a sign of higher participation from traders following the breakout and rate cut announcement.  Ethereum’s major liquidation levels At the time of writing, the major liquidation levels were near $2,705 on the lower side and $2,786 on the higher side. This is the case as traders are highly leveraged at these points, according to the on-chain analytics firm CoinGlass. Source: CoinGlass If the sentiment remains bullish and ETH’s price rises to $2,786, nearly $111 million worth of short positions will be liquidated. Conversely, if the sentiment shifts and the price falls to $2,705, nearly $323 million…

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Filed under: News - @ August 25, 2024 1:02 am