Ethereum Bulls Suffer More Than Bitcoin, Over $12M Longs Liquidated In A Single Day — Analyst Sees ETH Reaching All-Time High To $4800
Portfolio Pulse from Mehab Qureshi
Ethereum (ETH) long positions faced over $12 million in liquidations, more than Bitcoin (BTC), which saw $10 million in longs liquidated. Data from Coinglass indicates a total of $117.28 million in liquidations across the market, with Binance and OKX being the most affected exchanges. A crypto analyst, FieryTrading, predicts that ETH could reach an all-time high of $4,800 if it breaks out from a bullish triangle pattern that has been forming since mid-2022.
November 28, 2023 | 8:34 am
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Ethereum (ETH) experienced significant liquidations with over $12 million in long positions cleared. Analyst FieryTrading predicts a potential rally to $4,800 if a bullish pattern breakout occurs.
The liquidation of long positions indicates high volatility and short-term selling pressure on ETH. However, the analyst's prediction of a breakout leading to a significant price increase could drive short-term speculative interest, potentially increasing the price if the market aligns with this sentiment.
CONFIDENCE 70
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Bitcoin (BTC) also faced liquidations with $10 million in long positions being wiped out. The overall market liquidation affected BTC, but the focus remains on Ethereum's larger liquidation and potential for a price surge.
While Bitcoin experienced significant liquidations, the news article emphasizes Ethereum's situation and the analyst's bullish prediction for ETH. Bitcoin's liquidation is noteworthy but is overshadowed by Ethereum's potential for a substantial price increase.
CONFIDENCE 60
IMPORTANCE 60
RELEVANCE 70