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Ethereum (ETH) has registered strong profits in the last two weeks, rising from $ 2,111 on June 12 to $ 2,515 on 25 June, which could restore hope for a long -term bullish rally that could push the digital actively past the crucial level of $ 3,000.
Ethereum -Rally marked by shift in dynamics
According to a recent cryptoquant Quicktake -post from employee AMR Taha, the newest meeting of Ethereum is accompanied by a remarkable shift in market dynamics -including a flip to positive financing figures, a potential short squeeze and an increase in ethy entry into binance crypto exchange.
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Recent data from Binance reveal a significant shift in ETH financing percentages from negative to positive. Positive financing percentages usually indicate that traders open or cover long positions, which reflects the expectations of further upside down.
However, rising financing percentages can also increase the risk of a priceback of the short term if long positions overload. Facts From Coinglass shows that 68.15% of the liquidations were in the last 24 -hour positions – with the attention of this risk.
Taha also emphasized the role of a short squeeze in the recent price destination of Ethereum and the rise in financing rates. As the price of ETH climbed, the previous zone with Korte Squeeze withdrew around $ 2,500. He explained:
In that earlier event, short positions were concluded with violence by initiating aggressive market offers to cover their exposure, which activates a step -by -step effect that is known as a short squeeze. This dynamic occurs when traders who had betting against ETH (shorts) are forced to close their positions by actively reducing it aggressively to limit losses.
In the meantime, ETH entry into Binance has also been enriched. Exchange data for chains suggest that 177,000 ETH was deposited in Binance for a period of three-day period-a unusually high volume.
Such an increase usually means increased sales pressure or large -scale repositioning by large holders. Large transfers from ETH to exchange preceding potential sale or liquidity provision.
In conclusion, Taha noted that although a short -term correction can probably be, the outbreak of ETH above $ 2,500 underlines the aggressive speculative activity that stimulates the recent price action. Traders are advised to follow the financing percentages closely and to change flows for signs of an approaching retracement.
ETH Bulls take the lead
Recent technical analysis suggest ETH can prepare for an outbreak above the resistance level of $ 2,800. The Activum also recently formed A Golden Cross on the daily graph, which means that speculation is fueled that a new all -time (ATH) can be within reach.
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That said, ETH is not entirely in the clear. Technical analyst Crypto Wave recently predict That the cryptocurrency can view the lower levels in the range from $ 1,700 to $ 1,950. At the time of the press, ETH acts at $ 2,429, a decrease of 0.4% in the last 24 hours.
Featured image of Unsplash, graphs of cryptoquant and tradingview.com