#ETH🔥🔥🔥🔥
How long will it take for Ethereum to rise above 4000 again?
Last night, after Microsoft proposed to reject investing in Bitcoin, Ethereum also saw a decline. In the market, 571,838 traders were liquidated for 1.72 billion dollars, among them an Ethereum whale lost 19.69 million dollars after a significant drop in Ethereum.
In fact, the trend of Ethereum has always been very dramatic! After falling to around 3510, it triggered a series of liquidations.
Currently, Ethereum's market capitalization has shrunk again, down 3.80%, from 465.47 billion dollars to 445.47 billion dollars, which can be said to be a significant drop. However, Ethereum's trading volume reached a historical high, with a volume increase of 119.87%.
This reflects a situation in the market: when people are busy buying in, selling will follow closely.
Even so, Ethereum remains a giant in the market. It has high-quality infrastructure and widespread adoption, and if consolidated, these two points will bring many benefits to the market.
On the technical side, Ethereum appears overvalued and very unbalanced. But it has not yet peaked in this round of market. It is currently testing a new support level around 3600.
If these levels hold, the subsequent phase will be another consolidation stage. If it does not move towards a bullish bottom, the possibility of further pullbacks cannot be ruled out.
Now for believers in Ethereum, the question is whether Ethereum can rise above 4000 again.
There are several key factors for this: how the Ethereum network will introduce technological developments, overall market sentiment, and which economic factors will affect market liquidity and investment.
Recent liquidation events are also a reminder to everyone. During overheated periods, it is essential to focus on Ethereum's long-term fundamentals, and when trading in waves, one must be extremely careful and manage positions well.
If anyone is confused by market fluctuations and does not know how to deal with being trapped, or feels misled during the operation process, feel free to reach out!
I am Lao Li.