The post Ethereum Could Trigger A Major Liquidation While Testing Crucial Support! Here’s ETH Price’s Next Move appeared first on Coinpedia Fintech News
Despite Ethereum’s (ETH) significant price increases towards $2,100, triggered by BlackRock’s application for a spot ETH ETF, there is growing concern about a potential profit-taking downturn as the price approaches a critical support line. Market analysts observe that investors who initiated long positions during the recent price rally are showing signs of impatience as the bullish momentum for ETH fades. Consequently, a drop below this support line could bring a substantial sell-off in the market.
Ethereum’s NVT Ratio Still Favors Bulls
Over the last 24 hours, there has been a significant long liquidation after the ETH price failed to hold its momentum near $2,100. As a result, long-position holders liquidated over $7.2 million worth of positions as the price went against their bullish bets.
However, there’s a bullish h
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