Ethereum (ETH), the second largest cryptocurrency in the world by market capitalization, is at a crucial level, indicating a situation of brand or rupture for Altcoin. This prediction is based on the action of current ETH prices within four hours.
Technical analysis of Ethereum (ETH) and to come
According to an expert technical analysis, the ETH seems to form a model of ascending triangle over the four -hour period, but is currently faced with the resistance from the descending trend line and seems to fall towards the level of support of the model.
Based on the recent price action, if ETH does not hold the level of $ 2,680 and closes a candle of four hours below $ 2,670, there is a strong possibility that it can drop by 4.5 % to reach the level of $ 2,560 in the coming days.
With the lowering prospects, ETH is currently negotiated below the exponential mobile average of 200 days (EMA) on the daily delay, indicating that the asset is in a downward trend and has the potential to continue this downward trend.
Risk of ether liquidation
With the lowering prospects, the $ 74 million of $ 74 million in intraday traders are about to liquidate. Data show that a significant value of $ 72 million in long positions has been opened when merchants have become too removed in terms of $ 2,657. This massive quantity of ETH will be liquidated if the price falls below this oversized level.
Conversely, merchants occupying long positions are over-fed at $ 2,730, with $ 275 million in long positions at risk of liquidation if the price falls further.
Current price momen
Currently, ETH is negotiated near the level of $ 2,685 and has experienced a modest drop in prices of 0.55% in the last 24 hours. However, during the same period, its negotiation volume fell 9%, which indicates a lower participation of traders and investors.
