Ethereum price analysis

Ethereum, leading altcoin, has been moving in a horizontal channel since August 12. Its price ranges between $ 4,664 and $ 4 211, and traders are waiting for a decisive breakthrough.

Now, with the formation of liquidity cluster above the current price and an increase in the number of futures traders who are raising, ETH seems to be ready for a possible breakthrough in the near future.

ETH bulls are aimed at $ 4,500

According to Coinglass, the ETH heating map shows the liquidity concentration in the zone $ 4,520. Now altcoin is trading at $ 4,385.

Usually these price zones attract the market to cause liquidation and open new positions. The ETH liquidity cluster around the $ 4,500 mark indicates a possible movement of prices to this level in the near future.

ETH thermal liquidation

Coinglass data show an increase in the ratio of long and short ETH positions, which indicates a more optimistic mood among futures traders. At the time of publication, this ratio is 1.01.

With the current ratio, the market demonstrates a small bias towards bull -fingers, which confirms the possibility of potential growth.

Historical maximum is possible if bulls win this battle

If the bull impulse is preserved, ETH will get a chance to break through the upper boundary of the horizontal channel at the level of $ 4,664. A breakthrough of this level can lead to a re -achieving historical maximum of $ 4,957.

If the demand for ETH decreases and the price will fall below $ 4 211, it can reach $ 3,626.

Be in the know! Subscribe to Telegram.

Source: Cryptocurrency

You may also like