- Ethereum saw an $11.15 million liquidation after a price surge from $2,632.83 to $2,796.79.
- Ethereum’s price is consolidating at $2.8K resistance, with potential decline if it fails.
- A bearish “death cross” on moving averages suggests further price declines if resistance holds.
A recent high-stakes gamble in the Ethereum market ended in a massive $11.15 million liquidation. The trader, who sold their Ethereum holdings expecting a price drop, faced a dramatic reversal as the price of Ethereum (ETH) surged by 6.23%, from $2,632.83 to $2,796.79.
Ethereum’s Price Action and Consolidation
Ethereum has been grappling with the $2.8K level, the lower boundary of a multi-month wedge pattern. This level has acted as a significant resistance point, hinting that the current pullback might be nearing its conclusion.
After a recent retracement towards this resistance, the price has entered a consolidation phase. The low volatility observed near this resistance suggests that market demand has been insufficient to push the price higher.
This indicates that the pullback could be winding down. If Ethereum could face a decline towards the $2.1K support level if it continues to struggle with the $2.8K resistance.
This support area is critical; a failure to maintain this level could lead to further price drops. The persistent supply pressure at $2.8K indicates that a rejection at this point might be likely.
Moving Averages and Bearish Signals
Adding to the bearish outlook, the 100-day moving average is approaching a crossover below the 200-day moving average, forming a “death cross.” This technical pattern is often viewed as a bearish signal.
The death cross chart pattern typically suggests that the price may face further declines if the $2.8K resistance holds. With Ethereum struggling at crucial resistance levels and bearish signals from moving averages, traders should stay cautious.
The next few weeks will determine whether Ethereum can overcome the resistance or it will slide towards lower support levels.
The post ETH Holder Liquidated for $11.15 Million After Misjudging Market Move appeared first on Crypto News Land.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed