ICOCalendar.Today

  • ICO Directory πŸ“–
  • ICT Token πŸ”₯
  • Blockchain News πŸ—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project πŸ’£
  • Submit Press Release πŸ‘
  • ICO Directory πŸ“–
  • ICT Token πŸ”₯
  • Blockchain News πŸ—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project πŸ’£
  • Submit Press Release πŸ‘

Ethereum Could See a Cascade of Liquidations as Long Positions Rocket

5/13/2020

Comments

 
Ethereum has some immense weakness in recent times, severely underperforming Bitcoin and the aggregated crypto market as it continues struggling to garner any upwards momentum. Traders don’t seem to think that this lackluster price action will last for too much longer, however, as open interest for ETH has been rocketing higher throughout the past 12-hours. Data regarding the number of long positions on cryptocurrency trading platform Bitfinex also indicates that traders are widely expecting it to see a massive upside movement in the near-term. The number of Ethereum long positions on this platform just hit a fresh all-time high. Although this points to positive sentiment amidst traders, it could also act as fuel for a major decline. Ethereum Struggles to Garner Upwards Momentum, But Analysts Forecast Upside At the time of writing, Ethereum is trading up just over 2% at its current price of $195, marking a notable climb from daily lows of under $190 that were set yesterday. Previously, analysts have noted that it is imperative for the cryptocurrency to surmount its previous resistance at $198, as an ability to do so could help lead it back into the $200 region. Whether it finds itself caught within an uptrend or downtrend in the weeks ahead could be largely dependent on how it responds to the resistance it faces at just above its current price level. Analysts do seem to believe that it is positioned to see further short-term upside, with one analyst offering a chart showing that he expects it to visit $210 before seeing a decline into the mid-$100 region. Image Courtesy of TraderXO While looking at the chart seen above, it does appear that its high time frame support sits at roughly $140. Rocketing ETH Long Positions Puts It at Risk of Seeing Major Downside  Long positions for Ethereum just hit a fresh all-time high on Bitfinex. β€œNew ATH for ETH longs on BFX… notional nearing another ATH as well, currently around $308m,” one analyst observed. Image Courtesy of Josh Olszewicz This has coincided with an over $80 million increase in open interest for the cryptocurrency on BitMEX. It does appear that the cryptocurrency could be at grave risk of seeing a massive downside movement due to this phenomenon. Bitcoin’s plummet from highs of over $8,000 to lows of $3,800 in mid-March came about as the result of cascading liquidations due to overleveraged long positions. It is possible that Ethereum could see a similar type of decline if it begins moving lower, with the liquidations of these positions creating an intense downwards force on the cryptocurrency that leads it to spiral lower. Featured image from Unplash.

Via https://www.newsbtc.com/2020/05/13/ethereum-could-see-a-cascade-of-liquidations-as-long-positions-rocket/?utm_source=rss&utm_medium=rss&utm_campaign=ethereum-could-see-a-cascade-of-liquidations-as-long-positions-rocket
Comments

    Blockchain News

    Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.
    BLOCKCHAIN NEWS

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017

    RSS Feed

​About

  • About us​
  • ICT Token
  • News​​
  • Testimonies
  • Terms of Service​​
  • ​​We on Google News​ 🤑
  • ​We in the media
  • ​Partners

Let's connect!

News Feeds

  • Blockchain News
  • Jobs Board 👨‍🎓
  • Bitcoin News
  • Ethereum News
  • Binance News
  • ​Tron News
  • Cardano News
  • EOS News
  • Tezos News
  • Stock Markets
  • COVID-19 News
  • Crypto News
  • Chainlink News
  • Litecoin News
  • Dash News
  • Monero News
  • ETC News
  • NEO News
  • Maker News
  • DeFi News
  • ZCash News
  • Algorand News
© 2017-2020 ICOCalendar.Today. All Rights Reserved.