Futures Market Data Suggests Ethereum (ETH) Could Rally Soon: CryptoQuant

A CryptoQuant analyst says Ether could experience a rally soon, as shown by metrics in the cryptocurrency’s futures market.by the analyst, Shayan, ETH has just witnessed a significant liquidation event, and historically, such occurrences are often followed by price rallies as markets stabilize and spot buying pressure dominates.Earlier this month, ETH price took a downward trajectory, causing the crypto asset to lose almost 34% of its value.

Although ether has recorded some recovery, futures market data suggest the asset may see a more significant rally. The recent decline triggered a massive liquidation of long perpetual positions, hitting a level last seen in November 2022. Shayan said the liquidation indicates that the futures market is cooling and many leveraged positions have been flushed out. Such development and rising spot buying pressure can enable renewed interest in the market.

“With the futures market potentially reset, if demand returns, Ethereum could be poised for another impulsive bullish surge in the longer term. The cooling of the futures market may attract new buyers and stabilize the market, leading to a potential recovery from the recent downturn,” Shayan added.While Shayan’s analysis suggests a bullish reversal for ETH, the asset’s daily and hourly charts may indicate the opposite.

Ether has a substantial bullish response near the critical $2,100 support level and robust demand around $2,000, reflecting investor interest and confidence in its long-term potential. Still, the asset is facing resistance at the $2,800 threshold. This resistance level includes the previously broken lower boundary of the wedge during Ether’s plunge days ago.

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Data Suggests Elon Musk Has Deeply Alienated Tesla's Core MarketScience and Technology News and Videos
La source: futurism - 🏆 85. / 68 Lire la suite »

Stock futures fall after Wednesday's afternoon market slide: Live updatesAn attempted rally on Wall Street faltered ahead of new labor market data on Thursday.
La source: NBCPhiladelphia - 🏆 569. / 51 Lire la suite »

Stock futures fall slightly after Wednesday's afternoon market slide: Live updatesAn attempted rally on Wall Street faltered ahead of new labor market data on Thursday.
La source: NBCPhiladelphia - 🏆 569. / 51 Lire la suite »

Stock futures are little changed as Wall Street looks to shake off Thursday's market slideThe Dow Jones Industrial Average fell more than 500 points on Thursday but is still up for the week.
La source: NBCPhiladelphia - 🏆 569. / 51 Lire la suite »

DXY: Under pressure from the futures marketThe Dollar Index (DXY) depreciated 1.7% in the first fortnight of July to 104.09.
La source: FXStreetNews - 🏆 14. / 72 Lire la suite »