What was that for Ethereum for a few weeks? The second largest cryptocurrency has risen by about 50% in the past 10 days alone, and bulls are finally flooding after a strong macro bear market to buy ETH.
The asset is quoted at $ 382 at the time of this writing and is effectively parabolic at the macro level. In the past 24 hours alone, Ethereum has risen 10% against the US dollar, outperforming Bitcoin, which rose only 4%.
Chart of ETH's price action over the past two weeks from TradingView.com
A $ 2.5 million liquidation event
This recent surge has had a major impact on the cryptocurrency derivatives market.
According to Skew.com – A crypto derivative tracker – Ethereum shorts worth more than $ 2.5 million for BitMEX – was liquidated in the last hour alone. This is the largest hourly liquidation event in many days, although ETH has recovered within just two weeks.
Multi-million short positions have been liquidated on other margin platforms such as ByBit and Binance, although data from these websites is not actively available.
Analysts are trying to postulate what's next for ETH as it continues to rise and liquidate multi-million dollar positions of Ethereum bears.
What's next for Ethereum?
Ethereum has room for a rally after overcoming resistance in the $ 320-360 range, many analysts say.
A dealer who called a large part of the rally in the past two weeks published this chart when Ethereum erupted earlier today. This shows that the asset has overcome decisive resistance and has opened the ground for a rally of more than 100% towards USD 800 in the longer term.
Chart of ETH's macro price action by trader "Byzantine General" (@Byzgeneral on Twitter). Chart from TradingView.com
Another analyst was more conservative and shared the following chart when ETH went over $ 370.
The graph suggests that $ 420 could be a point where the rally stops due to its historical importance to Ethereum. However, it is important to note that this analysis also suggests that Ethereum may have room to recover to $ 615 and then to $ 872.
"These are my goals, please stop inspiring me. This is a swing trade for me, I have defined my position since the early 300s. I will increase the stops at each goal, with the profit only serving to buy more sneakers. "
Chart of ETH's macro price action by trader "Nekoz" (@Cryptonekoz on Twitter). Chart from TradingView.com
Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com Ethereum Rockets to $380 to Post 10% One-Day Surge: What's Next For ETH?