#ETH🔥🔥🔥🔥
How long will Ethereum take to rise back to 4000?
Last night, after Microsoft proposed to reject investing in Bitcoin, Ethereum also experienced a pullback. A total of 571,838 traders were liquidated for 1.72 billion USD, among them, one Ethereum whale lost 19.69 million USD after a significant drop in Ethereum.
In fact, Ethereum's price movements have 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 USD to 445.47 billion USD, which can be considered a significant drop. However, Ethereum's trading volume hit a historical high, with a trading volume increase of 119.87%.
This reflects a situation in the market: when people are busy buying, selling will follow closely.
Even so, Ethereum remains a giant in the market. It has high-quality infrastructure and widespread adoption, and if solidified, 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 reached a peak in this round of market. It is currently testing a new support level near 3600.
If these levels remain unchanged, the next 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 Ethereum believers, the question is whether Ethereum can rise back to 4000.
There are several key factors for this ascent: 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 reminding everyone. During overheated periods, it is essential to pay attention to the long-term fundamentals of Ethereum, and while trading in swings, one must be extremely cautious and manage positions well.
If anyone is feeling confused due to market fluctuations, unsure how to deal with being stuck, or feels misled during the operation process, feel free to reach out for discussion!
I am Old Li.