The recent price movement of Ethereum, surpassing the $3,700 mark, has led to significant liquidations. This article examines both short-term and long-term dynamics in the Ethereum market.
Recent Ethereum Surge and Liquidations
Ethereum recently surpassed the $3,700 level, triggering substantial liquidations. Over $160 million in short positions were closed on Binance alone. This followed a similar liquidation near the $3,500 level, indicating high volatility and forced buybacks in a high-leverage environment.
Large Holder Activity and Market Trends
Data on large Ethereum holders shows a 171.75% increase in net inflows over the past week, indicating short-term accumulation. However, the 90-day figure decreased by -2512.17%, signaling ongoing distribution by larger entities. This divergence creates conflicting pressure on Ethereum's price growth.
Technical Analysis and Future Projections
According to a technical Elliott Wave model, Ethereum appears poised for further movement toward the $3,900–$4,000 range, provided current support levels hold. Short-term resistance is positioned at $3,660, while support lies at $3,500, making further upward movement or correction to $3,380 feasible depending on bear market pressure.
Ethereum currently faces conflicting data that could impact its future trajectory. Despite short-term accumulation signs, the prevailing selling trend may limit growth unless significant changes occur in market support.
