Ethereum Aims for $3,000 with Positive Sentiment

The surge in Ethereum's value results in a significant liquidation volume as ETH continues its upward trajectory towards $2,800.

Ethereum Aims For $3,000 With Positive Sentiment_65d5e2fe577ca.webp

Over the last four days, Ethereum (ETH) has witnessed substantial double-digit gains, leading to a notable impact on the liquidation landscape. The daily analysis of Ethereum’s performance revealed a significant surge, marking its second major upward movement of the year on February 12th, resulting in a more than 6% increase and pushing ETH to $2,661.

Following a minor dip of less than 1% the next day, Ethereum recorded its third-highest surge of the year on February 14th, surpassing a 5% increase and reaching over $2,776. As of the current moment, it is trading around $2,796, indicating an almost 1% increase.

Moreover, the short moving average (depicted by the yellow line) served as a support level around $2,400. The Relative Strength Index (RSI) exhibited a robust bullish trend, with the RSI line positioned above 75, signifying Ethereum’s entry into the overbought zone.

The strength of the ongoing trend is further validated by the Moving Average Convergence Divergence (MACD). As of now, the MACD lines are above zero, confirming the bullish trend identified by the RSI.

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Examining the liquidation chart on Coinglass following Ethereum’s over 6% surge on February 12th, there was a substantial liquidation of short positions. The chart indicated a total of $26.5 million in short position liquidation and $11.8 million in long position liquidation.

Nevertheless, the slight downturn in prices the following day resulted in a more substantial volume of liquidation, particularly affecting long positions. The chart revealed liquidation of long positions exceeding $26 million.

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On February 14th, there was a noteworthy surge in the liquidation volume for short positions over the preceding four days. The chart indicated liquidation of short positions surpassing $29 million, with a liquidation volume of approximately $4.4 million.

Related: Ethereum and Solana Follow Bitcoin’s Trend

ETH traders displayed a hint of aggression, as the analysis of the Coinglass funding rate in recent days showcased an increased dominance of buyers, maintaining a consistently positive rate. The chart depicted a rise in the funding rate to approximately 0.02% during the price surge on February 13th. However, at the time of writing, there has been a minor decrease, with the funding rate currently hovering around 0.01%.

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