The post Ethereum’s Recent Surge Raises Speculation Amid Bitcoin Resistance and Potential Short-Term Correction appeared on BitcoinEthereumNews.com.

In a notable surge, Ethereum (ETH) has reclaimed the $3,600 mark, driven by speculative trading as volatility spikes across the crypto market. This substantial move comes amid record open interest, suggesting that market participants are increasingly leveraging their positions, despite potential risks ahead. A source from COINOTAG highlighted, “Ethereum’s recent rise is closely tied to whale activities, which have played a crucial role in driving the price upward.” Ethereum surges to $3,600 amid market volatility, fueled by speculative trading and high leverage, but sustainability remains in question. High leverage could present a strong resistance barrier In the past 24 hours, total liquidations hit $283.12 million, with shorts taking the hardest hit, losing nearly $173 million. This comes as the market recovers, with most major coins posting strong gains, including ETH, which surged almost 9% to reclaim the $3.6K range. Notably, ETH saw the largest liquidation order on Bitmax, totaling $2.81 million. Whales, who accumulated around 50 million ETH tokens, likely triggered a major short-squeeze, pushing the price into a key resistance zone. In simple terms, Ethereum faced a ‘tug-of-war’ over the past week, with bulls and bears battling for control. The bulls ultimately won, as whales intervened, forcing short-sellers to buy back their positions, triggering a notable price surge. Source : Coinglass Now, the real test begins. A short-term target of $4K could materialize if whales continue their strategy in the coming days, stabilizing the price around $3.8K. This could turn $3.8K into a psychological level, attracting new market interest and paving the way for a potential breakout to $4K. However, you must consider both internal and external factors. Bullish activity across various data sets is crucial to hitting the short-term target. Without it, Ethereum’ surge could face a roadblock. With record-breaking activity in the derivatives market, even a small…

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Filed under: News - @ November 28, 2024 3:24 pm