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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Flash Crash, Ethereum Tests Support With 17% Drop And Risks Further Losses

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
ethereum price eth eip-1559

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After leading the crypto market rally for several weeks, Ethereum faces the return of the bears. The second cryptocurrency by market cap was pushing into the $4,000 resistance before a selloff sent it back to critical support.

At the time of writing, ETH trades at $3,466 with an 11.6% loss in the daily chart. Ethereum bounces back from the low of its current levels. Some exchange platforms briefly recorded $3,100 for the cryptocurrency, but the recovery could face hurdles.

Ethereum ETH ETHUSD
ETH is on a downtrend in the daily chart. Source: ETHUSD Tradingview

As the market crashed, there were over $2,3 billion in liquidations recorded across exchange platforms. Bitcoin and Ethereum were performing well during the past weeks, as NewBTC informed. This attracted short-term sellers that mostly use perpetual future contracts to speculate on the market.

Thus, leading to an increase in Open Interest and over-leverage positions. The funding rates for this sector flipped positive in the past weeks, leaving the market open for another capitulation event, similar to May, and June.

El Salvador implementing its Bitcoin Law could have been the trigger. When crypto exchange Coinbase debuted in the stock market, Ethereum and other cryptocurrencies saw a decline caused by an over-leverage market.

However, invest Daniel Cheung believes this could be healthy for the market in the long run. Via his Twitter account, Cheung reported the event as just another day in crypto:

$2.3bn in liquidations was healthy today nothing to be concerned about to be honest. Liquidations were consistently $7bn + near the end of last run and think if we get around there that is when I start freaking out. Just average volatility here and bears doing their thing.

Ethereum ETH ETHUSD
Source: Daniel Cheung via Twitter

Ethereum Fundamentals Remain Strong

Pseudonyms trader Altcoin Sherpa presented a scenario where Ethereum could repeat a formula already experience during the Fall of 2020.

At that moment, Ethereum dropped to retest support, entered an accumulation phase, and then proceed to reclaim new highs. Altcoin Sherpa said:

I’m wondering if we see something like this happen: Some sort of big move down (30%) followed by accumulation like in 2020. Note: $BTC was moving in Fall 2020 while $ETHUSD stayed relatively stagnant.

Ethereum ETH ETHUSD
Ethereum could follow this scenario of accumulation to rise. Source: Altcoin Sherpa via Twitter

Bitcoin could be the key that will signal up or down for the market in the short term.

Analysts such as Will Clemente believe that the recent liquidation cascade has no impact on the “macro on-chain supply dynamics”. Thus, he claims that leverage players needed to be taken “off our backs for now”. This suggests a potential opportunity for the bulls.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

However, trader Nebraskan Gooner advised caution. He recommended investors not be “overly bullish or bearish here” as Ethereum and Bitcoin bounce back from support. Therefore, he expects the weekly close to provide more light into future price action.

Ethereum ETH ETHUSD
Source: NebraskanGooner via Twitter
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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