KronosSlott
  • Altcoin
  • Bitcoin
  • Blockchain
  • Ethereum
  • Litecoin
  • Gambling

Subscribe to Updates

Get the latest Crypto news from kronosslott.

What's Hot

Trader Predicts This New Play to Earn Crypto Game Could Be the Next Decentraland or The Sandbox

January 28, 2023

Price Prediction for Casper Ending January Through February 2023

January 28, 2023

Bitcoin Price Holds Above $23,000 – Consolidation or Accumulation?

January 28, 2023
Facebook Twitter Instagram
  • Affiliate Disclosure
  • Anti Spam Policy
  • Cookie Policy
  • Privacy Policy
  • Terms & Conditions
Facebook Twitter Instagram
KronosSlott
  • Altcoin
  • Bitcoin
  • Blockchain
  • Ethereum
  • Litecoin
  • Gambling
KronosSlott
Home » This Could Fuel An Ethereum Rally Back To $1,700, Shorts Beware

This Could Fuel An Ethereum Rally Back To $1,700, Shorts Beware

adminBy adminOctober 14, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
Ethereum price
Share
Facebook Twitter LinkedIn Pinterest Email


Ethereum has almost made back the gains from previous weeks with yesterday’s upside move and could be gearing up for another push above resistance. The second cryptocurrency by market cap is following the general sentiment in the market and seeing some relief after the influence of macro forces lessened, for the time being.

At the time of writing, Ethereum (ETH) trades at $1,330 with a 9% profit in the last 24 hours and a 2% loss over the past week. In the crypto top 10, ETH is one of the best-performing assets along with Solana (SOL), and Bitcoin (BTC).

ETH’s price moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview

Will Ethereum Bulls Squeeze Out The Shorts?

Yesterday, the crypto market experienced high volatility against the backdrop of the U.S. Consumer Price Index (CPI) report, the benchmark for inflation in this country. The metric printed an 8.2% for September, beating expectations, and pushing Bitcoin and Ethereum below critical support.

After taking the liquidity to the downside, the market retraced back to the range that was chopping out short and long positions. According to a pseudonym trader, the volatility was unable to liquidate the sellers betting on further downside price action for Ethereum at its current levels.

These positions have been piling up for several weeks, pushing the Open Interest (OI) for Ethereum futures contracts to new highs. In the coming days, if bulls can sustain the bullish momentum, the liquidation of these shorts could provide the fuel for a rally into the $1,700 area where ETH’s price stood before “The Merge”. The pseudonym trader noted the following:

Despite today’s volatility and high amount of long liquidations, open interest is still quite elevated. Clearly there’s still a whole bunch of shorts open. The fact that they haven’t covered much at all at the range low indicates greed. They gotta close some time.

If Shorts Are Wiped Out, How High Can ETH Soar?

As mentioned, larger cryptocurrencies are back in the range in which they have been moving for over a month. Thus, the pseudonym trader believes Ethereum could break about local resistance at around $1,300 and push into the $1,400 area.

As seen in the chart below, yesterday’s downside price action was violent but short-lived. Something similar could happen to the upside if the short positions are liquidated.

In the meantime, with the low-volume weekend coming up, the crypto market could experience a re-test of lower levels before gathering momentum for a fresh rally. This could place Ethereum at the top of its channel, as seen in the chart below, at $1,400. The pseudonym trader added:

Considering that the entire CPI dump got fully retraced on such high volume I’m inclined to believe that we now commence our adventure back towards the top of the range. The 1200 area makes sense to long, doesn’t make sense to short, at least in my head.

Ethereum ETH ETHUSDT Chart 2
Can ETH’s price get back to the top of this channel? Source: Byzantine General
(@ByzGeneral) via Twitter





Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
admin
  • Website

Related Posts

Crypto Exchange Bybit to Add New Restrictions for Unverified Users, Update Withdrawal Limits – Exchanges Bitcoin News

December 12, 2022

What is a Doji candle pattern and how to trade with it?

December 12, 2022

Bitcoin Price Slides As Markets Brace For Fed Policy Decision And Inflation Data

December 12, 2022

Comments are closed.

Don't Miss

Trader Predicts This New Play to Earn Crypto Game Could Be the Next Decentraland or The Sandbox

Blockchain January 28, 2023

Join Our Telegram channel to stay up to date on breaking news coverage Analyst Jacob…

Price Prediction for Casper Ending January Through February 2023

January 28, 2023

Bitcoin Price Holds Above $23,000 – Consolidation or Accumulation?

January 28, 2023

Biggest Crypto Gainers Today – January 27

January 28, 2023
Stay In Touch
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo
Our Picks

Trader Predicts This New Play to Earn Crypto Game Could Be the Next Decentraland or The Sandbox

January 28, 2023

Price Prediction for Casper Ending January Through February 2023

January 28, 2023

Bitcoin Price Holds Above $23,000 – Consolidation or Accumulation?

January 28, 2023

Biggest Crypto Gainers Today – January 27

January 28, 2023

Subscribe to Updates

Get the latest Crypto news from kronosslott.

About Us
About Us

Your source for the serious news. This website is crafted specifically to for crazy and hot cryptonews. Visit our main page for more tons of news.

We're social. Connect with us:

Facebook Twitter Pinterest YouTube WhatsApp
Categories
  • Altcoin (4)
  • Bitcoin (2,020)
  • Blockchain (771)
  • Ethereum (320)
  • Gambling (2,082)
  • Litecoin (55)
  • NFTs (2)
Our Picks

Trader Predicts This New Play to Earn Crypto Game Could Be the Next Decentraland or The Sandbox

January 28, 2023

Price Prediction for Casper Ending January Through February 2023

January 28, 2023

Bitcoin Price Holds Above $23,000 – Consolidation or Accumulation?

January 28, 2023
©2022 –Kronosslott. All Rights Reserved. Kronosslott.com is an independent i-Gaming news site and casino comparison service. Every effort is made to ensure that the bonus offers listed here are accurate and up-to-date. However, we accept no responsibility for inaccuracies or errors. It is your responsibility to confirm the terms of any promotion you choose to accept. Looking to Advertise with us? Kronosslott is always looking for new partnerships. To Inquire please email kronosslott@gmail.com

Type above and press Enter to search. Press Esc to cancel.