Name Symbol Market Market Cap ($) Algorithm
Ethereum ETHUSD Crypto 189,139,879,369 Ethash
  Price Change Price Change % Current Price Bid Price Offer
  2.30 0.15% 1,569.28 1,569.18 1,569.28
High Price Low Price Open Price Prev. Close 52 Week Range
1,576.00 1,561.88 1,566.14 1,566.80 880.00 - 3,581.60
Exchange Last Trade Size Trade Price Currency
GDAX 03:55:32 0.107099 1,569.28 USD
Price x Volume Volume Base Symbol Related Pairs
80,407,374.15 51,237.43 ETH ETHEUR ETHGBP ETHBTC

Ethereum Price Squeezes Shorts Positions, ETH Could Be Set For More Gains

03/10/2022 8:48pm


Ethereum is following the general sentiment in the market as Bitcoin and other cryptocurrencies make a run towards previous highs. The second cryptocurrency by market cap knocked some gains over today’s trading session but seems poised for a re-test of its lows before moving to the upside. Related Reading: LUNC Price Gains 50% Despite Kwon’s Troubles, What’s Driving It? At the time of writing, Ethereum (ETH) trades at $1,300 with a 2% profit in the last 24 hours and in the last week. Unlike in previous rallies, ETH’s price is lagging larger cryptocurrencies, such as Bitcoin, the number one crypto that records a 4% profit over the same period. Ethereum At Critical Point, Will It Finally Breakout? Today’s bullish price action seems to be prompted by a rebound across legacy financial markets, the S&P 500 and Nasdaq 100 have been trading in the green giving cryptocurrencies room for a run. The bullish price action is leading to a change of sentiment across the digital asset class as investors turned optimistic. Over the weekend, with traditional markets close, the situation was different and market participants were gearing up for a potential leg down. According to a pseudonym trader, Ethereum saw a spike in Open Interest (OI) against the U.S. dollars. This increase in OI was recorded as the cryptocurrency trended to the downside. Therefore, the analyst claims that the metrics hinted at a spike in short (sell) positions from traders expecting further downside in the short term. The liquidity provided by these short positions accumulates to the upside, making each rally stronger and fueling further bullish momentum. However, the analyst believes the market might take this upside liquidity before re-testing support levels. The pseudonym trader wrote the following via his official Twitter account: I said yesterday that there was a lot of short build up on $ETH. They’re getting squeezed now. Once that’s done it gets slapped back down I think. Looks like a clean short set-up. Related Reading: Quant Explains How US Stock Market Volumes Influence Bitcoin Price In case of potential downside, data from Material Indicators shows that the area between $1,280 and $1,250 has the biggest concentration of bid (buy) liquidity on low timeframes. These levels might provide the bulls with strong support to either resume the bullish momentum or send ETH back into accumulation mode.

1 Year Ethereum Chart

1 Year Ethereum Chart

1 Month Ethereum Chart

1 Month Ethereum Chart
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