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.
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