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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ethereum Targets $3,000 After Market Shakeout, CryptoQuant Sees Impulsive Bull Run Ahead

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Ethereum

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After enduring a significant downturn at the beginning of the past week, Ethereum (ETH), the second-largest cryptocurrency, has staged a modest recovery, reclaiming the crucial $2,600 level and setting its sights on the $3,000 milestone once again.

The August 5 crash, which saw Ethereum’s price plummet to $2,112, marked the year’s largest market slump. However, the digital asset has since bounced back, 8% in the last seven days, hinting at the possibility of a more sustained bullish trend.

Massive Ethereum Liquidations Trigger Bullish Signals

According to a recent report by market analytics firm CryptoQuant on the ETH’s price action, the chart below highlights a substantial liquidation of long perpetual positions on the futures market experienced during last week’s crash. 

The firm notes that in sustained bull markets, such a significant liquidation event is often followed by a major price rally as the futures market stabilizes and spot buying pressure takes over.

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ETH long positions liquidated on all exchanges. Source: CryptoQuant

“The recent cascade has triggered massive long liquidations, reaching levels not seen since November 2022,” the firm noted. “This substantial liquidation likely indicates a cooling of the futures market, where many leveraged positions have been flushed out. Such a development can set the stage for renewed interest in the futures market.”

With the futures market potentially resetting, CryptoQuant believes that if demand returns, Ethereum could be poised for another impulsive bullish surge in the longer term that could send prices above previous all-time high levels. 

ETH’s Price Path To $3,000 

Crypto analyst Caleb Franzen echoed a similar prediction for ETH’s price in a social media post on the X platform (formerly Twitter), suggesting that if Ethereum can take out the $2,725 level, it could signal a strong move higher. 

Franzen’s analysis of the 4-hour candles and market structure indicates a series of higher lows and a bullish reading on the supertrend indicators, further fueling the optimism surrounding Ethereum’s future performance.

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However, with ETH currently trading at $2,645, the first resistance on the ETH/USDT weekly chart, located at the $2,700 level, has proven to be the first hurdle for the second-largest cryptocurrency to overcome in recent days.

In a scenario where the current rally extends into the coming weeks and the ETH price tackles the level highlighted by Franzen, the $2,900 and $2,990 resistance walls would be the last obstacles to reclaim the $3,000 level. 

Conversely, the token will need to secure and consolidate above the $2,550 level to prevent further declines toward the next support on the daily chart, currently located at the $2,345 level following its 25% correction. 

Ethereum
The 1D chart shows ETH’s price consolidation above $2,600 over the last 24 hours. Source: ETHUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Reason to trust

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