Ethereum Targets $3,000 After Market Shakeout, CryptoQuant Sees Impulsive Bull Run Ahead

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,157,523,193,079	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,157,523,193,079

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-329.11	-0.55%	59,026.32	59,020.72	59,023.39

Price Change

Price Change %

Current Price

Bid Price

Offer

-329.11

-0.55%

59,026.32

59,020.72

59,023.39

High Price	Low Price	Open Price	Prev. Close	52 Week Range
59,937.89	58,402.01	59,296.96	59,355.43	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

59,937.89

58,402.01

59,296.96

59,355.43

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
CRTO	14:36:23	0.002120	59,019.80	USD

Exchange

Last Trade

Size

Trade Price

Currency

CRTO

14:36:23

0.002120

59,019.80

USD

Price x Volume	Volume	Base Symbol	Related Pairs
325,909,733.42	5,509.24	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

325,909,733.42

5,509.24

Ethereum Targets $3,000 After Market Shakeout, CryptoQuant Sees Impulsive Bull Run Ahead

13/08/2024 10:00am

NEWSBTC

After enduring a significant downturn at the beginning of the past week, Ethereum (ETH), the second-largest cryptocurrency, has staged a modest recovery, reclaiming the crucial $2,600 level and setting its sights on the $3,000 milestone once again. The August 5 crash, which saw Ethereum’s price plummet to $2,112, marked the year’s largest market slump. However, the digital asset has since bounced back, 8% in the last seven days, hinting at the possibility of a more sustained bullish trend. Massive Ethereum Liquidations Trigger Bullish Signals According to a recent report by market analytics firm CryptoQuant on the ETH’s price action, the chart below highlights a substantial liquidation of long perpetual positions on the futures market experienced during last week’s crash. The firm notes that in sustained bull markets, such a significant liquidation event is often followed by a major price rally as the futures market stabilizes and spot buying pressure takes over. Related Reading: Legendary Fibonacci Extension Reveals When Bitcoin Will Reach $109,000 “The recent cascade has triggered massive long liquidations, reaching levels not seen since November 2022,” the firm noted. “This substantial liquidation likely indicates a cooling of the futures market, where many leveraged positions have been flushed out. Such a development can set the stage for renewed interest in the futures market.” With the futures market potentially resetting, CryptoQuant believes that if demand returns, Ethereum could be poised for another impulsive bullish surge in the longer term that could send prices above previous all-time high levels. ETH’s Price Path To $3,000 Crypto analyst Caleb Franzen echoed a similar prediction for ETH’s price in a social media post on the X platform (formerly Twitter), suggesting that if Ethereum can take out the $2,725 level, it could signal a strong move higher. Franzen’s analysis of the 4-hour candles and market structure indicates a series of higher lows and a bullish reading on the supertrend indicators, further fueling the optimism surrounding Ethereum’s future performance. Related Reading: Bitcoin Investors Again Show Extreme Fear As BTC Slips To $59,000 However, with ETH currently trading at $2,645, the first resistance on the ETH/USDT weekly chart, located at the $2,700 level, has proven to be the first hurdle for the second-largest cryptocurrency to overcome in recent days. In a scenario where the current rally extends into the coming weeks and the ETH price tackles the level highlighted by Franzen, the $2,900 and $2,990 resistance walls would be the last obstacles to reclaim the $3,000 level. Conversely, the token will need to secure and consolidate above the $2,550 level to prevent further declines toward the next support on the daily chart, currently located at the $2,345 level following its 25% correction. Featured image from DALL-E, chart from TradingView.com

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