Ethereum Short Positions Close as Market Moves Toward Key Fib Resistance Level

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Ethereum Eyes Major Breakout Analyst Javon Marks Predicts Rally

  • ETH’s price structure follows its last bull cycle, positioning toward the 1.618 Fibonacci extension at $12,011.8.
  • Large ETH short positions recently closed, with transactions exceeding $7 million, indicating a shift in market sentiment.
  • Ethereum trades between $1,886 and $1,900.2, with increasing volume and liquidity strengthening its upward trajectory.

Ethereum is tracking a price trajectory similar to its last bull cycle, positioning itself toward a major Fibonacci level. The 1.618 Fibonacci extension level, currently at $12,011.8, remains a critical target. The cryptocurrency’s price is over 504% below this level, presenting a significant gap. 

Ethereum’s Current Market Position

Ethereum has demonstrated a price movement pattern comparable to its last major bull run. Fibonacci levels, often used in technical analysis, serve as reference points for potential price expansion. The 1.618 Fib level represents a widely watched resistance area, historically influencing price movements.

Javon Marks’s analysis notes that Ethereum’s price has followed an upward trajectory with retracements at specific Fibonacci levels. A major Fibonacci extension is placed at $12,011.8, indicating a potential future price level. 

Source: Javon Marks (X)

Previous retracements have shown consolidation before further movement. Ethereum experienced pullbacks near resistance points before resuming its trend. Historical levels show reactions near Fibonacci targets, with price corrections occurring at critical retracement zones.

Potential for Exceeding Fibonacci Target

While the 1.618 Fib level at $12,011.8 remains a key technical target, Ethereum’s ongoing cycle presents conditions that could push beyond it. The market has shown increased resilience, and demand trends suggest that price momentum could surpass historical benchmarks. 

Following the Ethereum market movement, TedPillows noted on X that multiple Ethereum short positions were short-closed. Transactions originate from HIP-2 and move to self-custody. The amounts range from 0.01 ETH to 3,865.98 ETH, with the largest transaction at $7,326,224.5. 

Source: TedPillows (X)

Ethereum prices for these trades varied between $1,886 and $1,900.2. The highest-value trade involved 2,471.52 ETH at $1,900.2, totaling $4,696,270.42. Another transaction of 10.56 ETH occurred at $1,886, amounting to $19,920.12. Multiple smaller trades followed, with values as low as $18.86. 

Market conditions in this cycle indicate stronger performance than in the last. Ethereum’s price structure follows historical movements but with increased transaction volumes and liquidity. These elements create an environment where price expansion could exceed past expectations.

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