Hi Guys,
It's Big & Big #alert About $ETH Liquidation $410 Million !!!
Ethereum: $410M ETH liquidation looms as price nears key resistance
Ethereum eyes liquidity at $2,616 level, fueled by whale activity and bullish market trends.
Ethereum [ETH]Â has shown notable strength over the past two weeks.
As the largest altcoin by market capitalization and a key player in the blockchain space, Ethereumâs performance significantly impacts the broader crypto market.
According to data from Coinglass, $410.17 million worth of ETH could be liquidated if it reaches the $2,616.57 price level.
This was because price often gravitates toward zones with high liquidity, where larger traders, or âwhales,â can execute trades at more favorable prices.
These zones of concentrated liquidation levels often exert pressure on the buy or sell sides. With these factors in mind, the possibility of Ethereum hitting the $2616.57 mark becomes more likely as it seeks to pick up liquidity in this zone.
Can the road to this massive liquidation fuel ETH to reach $3000 after its recent past two weeks gains?
ETH price action shows momentumÂ
Examining Ethereumâs price action, especially in the ETH/USDT pair, reveals a recurring pattern on the daily timeframe chart.
The Wave Trend Momentum Oscillator (WTMO) shows that when the lows of the oscillator align, ETH often experiences rallies. This pattern has resulted in price surges of over 76.38% in the past.
Currently, the liquidity zone above $2,616 presents a critical magnetic level. The coin has been steadily pushing higher for two weeks, despite four red days, which were quickly corrected.
Price is now aggressively approaching the $2,616 mark. If it breaks this level, the liquidation of orders resting above it could fuel even higher prices, possibly closing above $3,000.
