Ethereum (ETH) Price Dips After $95.51 Million Liquidation, But Upward Trend Continues

According to Coinglass statistics, the Ethereum price is down 2.5% on Wednesday after $95.51 million in liquidations during the previous day.

The price of Bitcoin is rising toward the $100,000 forecast by analysts. Having already surpassed its previous all-time high, Bitcoin is currently trading at $90,000. Potential currencies have increased in value as a result of the Bitcoin price’s historic performance.

According to Consensys CEO Joe Lubin, Ethereum is “positioned to benefit” more than any other protocol from Donald Trump's victory in the election. The sharp increase in Ethereum prices this week is evidence of the resurgence of interest in cryptocurrencies.

The substantial ETF inflows of both digital assets suggest that institutional and individual investors are returning in full force. However, because of the current volatility of the Ethereum price, the majority of whales purchased the 5% DTX presale stage 5, which is one of the most popular presale coins on the internet in 2024.

Ethereum Price Dips After $95.51 Million Liquidation, But Upward Trend Continues

According to Coinglass statistics, the Ethereum price is down 2.5% on Wednesday after $95.51 million in liquidations during the previous day. The liquidated long and short positions were $63.05 million and $32.45 million, respectively.

With a 22% increase over the last 30 days, ETH has been on a powerful run. The Ethereum price has experienced a little retracement in recent days following a robust surge. With the short-term lines staying above the long-term ones, the EMA lines are still positive and show an overall upward trend.

However, the Ethereum price has fallen below the shortest EMA line, indicating that the current upward trend may be waning.

ETH’s nearest resistance level is at around $3,500. If this barrier is overcome, Ethereum's price might jump to $3,700, representing a 17.9% increase and its highest level since June.

On the other hand, if the rally reverses, Ethereum’s price may challenge support by nearly $3,000. If it fails, the next level of assistance would be around $2,800.

ETH’s ETF Inflows Reach All-Time High as Price Soars

According to Coinglass statistics, Ethereum (ETH) ETFs saw their largest weekly inflows last week, with net inflows of $154.7 million.

Following an astounding 30% gain in the last week, institutional investors’ interest in the leading cryptocurrency has strengthened, leading to inflows. ETH may reach a new all-time high if the Ethereum ETF inflows follow a similar pattern this week.

After ETH’s futures open interest reached an all-time high of $17.93 billion on Monday, investors in ETH derivatives anticipate that the positive trend will continue.

The entire number of unresolved contracts in a derivatives market is known as open interest. Increased bullish momentum is indicated when OI rises in tandem with prices.

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