Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE
200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |
View more Headlines & Breaking News here, as covered by cryptopolytech.com
Ethereum price sits at key level as shorts liquidations rise appeared on coinjournal.net by Crispus Nyaga.
Ethereum (ETH/USD) price joined Bitcoin in its remarkable comeback on Thursday. It rose to a high of $1,696, which was close to the highest level since September 2022. ETH has jumped by over 56% from the lowest point in 2022.
Shorts liquidations
Ethereum and Bitcoin prices jumped because of increased liquidations by short-sellers. Data compiled by CoinGlass showed that BTC shorts liquidations jumped to over $140 million on Wednesday. This compared with bulls liquidations of less than $20 million.
The same is true with Ethereum, whose short liquidations rose to $42 million. Most of thos liquidations came from OKX followed by Binance and Huobi. Longs liquidations came in at just $3.64 million. In most periods, Ethereum tends to rise when short-sellers liquidate their trades.
Ethereum price also rose because of the likely possibility that Binance will settle with the Securities and Exchange Commission (SEC), This view was shared by the company’s chief strategy officer who talked with the Wall Street Journal (WSJ).
A settlement would be a good thing for both Binance and the crypto industry because it will end one of the biggest clouds hanging in the sector.
Meanwhile, risky companies in the US have started to do well, which is a sign that retail traders are back. On Monday, QuantScape, Upstart, Roblox, and Wish jumped by more than 20%.
Still, the biggest risk for Ethereum is monetary policy and regulations. Data published this week showed that America’s inflation remained high in January while retail sales jumped. As such, these numbers could fuel a new wave of a hawkish Federal Reserve.
Ethereum price prediction
On the daily chart, we see tha the ETH/USD price has been in a consolidation phase in the past few weeks. In this period, it has remained between $1,665 and $1,462. This was a notable range since it was the highest point in November last year. Now, it seems like Ethereum is attempting to move above this level of resistance.
Ethereum has moved above the 50-day moving average. Therefore, there is a likelihood that the stock will have a bullish breakout. If this happens, the next key level to watch will be at $1,795 (September 12 high). Flipping this resistance into support could move to the key resistance at $2,027 (August 14 high).
However, a drop below the support level at $1,468 will invalidate the bullish view. It will signal that there are more sellers in the market.
How to buy Ethereum
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Buy ETH with eToro today
Public
Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.
Buy ETH with Public today
FEATURED ‘News of the Day’, as reported by public domain newswires.
View ALL Headlines & Breaking News here.
Source Information (if available)
This article originally appeared on coinjournal.net by Crispus Nyaga – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!