- On-chain metric revealed that exchanges have seen outflows of $180 million worth of ETH
- Intraday traders are currently over-leveraged at the $2,712-level on the lower side and $2,870 on the upper side
😲 Oh, the drama in the world of cryptocurrency! Ethereum (ETH), the world’s second-largest cryptocurrency, has been stealing the spotlight lately. Could it be changing its prevailing market sentiment? 🤔
$180 million worth of ETH outflows
On 06 February, data revealed that investors and long-term holders have been on a buying spree, possibly taking advantage of the recent price drop. 🛍️
Data from spot inflows and outflows showed that exchanges witnessed outflows of $180 million in ETH in the last 48 hours, potentially indicating accumulation. 📈
Such outflows from exchanges can fuel buying pressure and lead to a further upside rally. 🚀
Short positions and liquidation levels
Besides the bullish sentiment among long-term holders and investors, intraday traders seem to be betting on the bearish side. Particularly due to the current market sentiment. 🐻
In fact, ETH’s exchange liquidation map revealed that traders may be over-leveraged at the $2,712-level on the lower side and $2,870 on the upper side. This hinted at the actual support and resistance levels for the altcoin. 📉
However, if the market sentiment remains unchanged and the price falls to the $2,712-level, nearly $365 million worth of long positions will be liquidated. Conversely, if the sentiment shifts and the price crosses the $2,870-level, approximately $406 million worth of short positions will be liquidated. 💸
These liquidation levels suggested that the bulls were weak, while traders holding short positions have been leading the asset at the intraday level. 😒
Experts eye on critical levels for long-term
For the longer time frame, popular crypto expert Ali shared a post on X (formerly Twitter), stating that if ETH holds above the $2,500-level, there is a strong possibility it could rebound to $4,000 or even $6,000 in the future. 🔮
Meanwhile, if the altcoin fails to hold this level and closes a daily candle below $2,500, it could fall to the $1,700-level – Its next support. 📉
Price action and upcoming levels
Besides expert predictions, AMBCrypto’s technical analysis suggested that ETH was near the crucial support level of $2,800 at press time. This appears to be a make-or-break situation for the crypto as it has been consolidating at this level for the last three days. 🎲
Based on the altcoin’s latest price action, if ETH rallies and closes above the $2,880-level, it could see a price surge of over 22% to hit the $3,500-level in the future. 📈
However, if ETH’s price declines further and closes a daily candle below the $2,720-level, we could see the asset drop to $2,200 in the future. 📉
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2025-02-07 11:08