As Bitcoin soars above $106,000, the prominent altcoin Ethereum (ETH) is breaking the much-awaited $4,000 mark with a 3.6% surge in the last 24 hours, according to CoinMarketCap.
Ethereum (ETH) Faces High Liquidation
Despite optimistic forecasts, Ethereum’s recent price movement has proven challenging for some traders. Coinglass data reveals that 123,021 traders were liquidated in the past 24 hours, amounting to $396.41 million in total crypto market liquidations.
The cryptocurrency contributed approximately $53.12 million, with long positions suffering the most at $28.4 million, while short positions faced $24.69 million in liquidations. The major liquidation in ETH, especially among long positions, highlights over-leverage among traders betting on its price surge.
Earlier, A crypto analyst highlighted Ethereum’s impressive performance. He highlighted that the cryptocurrency has closed its second consecutive weekly candle above a key resistance level. Comparing the current market dynamics to January 2021, the analyst emphasized the potential for a brief wick to $3,700 this week, which they expect to be quickly bought back, signaling strong bullish sentiment.
The observation shows Ethereum’s resilience and strength, urging investors not to overlook the cryptocurrency’s potential in the current market environment.
Also Read: Ethereum Price Analysis: Why Sub-4k Levels Could be History After 2025
