CandleFocus Ethereum (ETH) $4,000 Surge to Erase Almost $1 Billion
2024-11-29
Author: Content Editor
The market is on edge as Ethereum's price continues to rise, with over $835 million in short positions at risk of being liquidated if ETH reaches $4,000. The liquidation heatmap shows clusters of potential liquidations between $3,800 and $4,000. The sharp increase in cumulative short liquidations at $4,000 suggests a significant price milestone that could have a cascading effect. However, the positive momentum is supported by the upward trend on the Ethereum daily chart, with strong support levels established at around $3,300 and $3,500. Traders should watch for resistance at $3,800 and support at $3,300, as a breakout above the former could lead to a test of $4,000. Rising volatility accompanies Ethereum's rise, and the market response to the liquidation levels could result in significant price swings. Caution is advised.
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