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Ethereum’s liquidation woes reached a staggering $67 million, fueling concerns about another selloff ahead. The market reacted sharply to the sudden drop in price, resulting in the massive liquidation of long positions. As of May 1st, Ethereum’s price has continued to fluctuate within a narrow range of $1,814 and $1,832.
In this analysis, we will examine the technical and fundamental factors that may influence ETH’s future direction. We will also delve into the broader implications for investors considering entering the market at these levels.
The recent drop in Ethereum’s price has resulted in an unprecedented level of liquidations, reaching a staggering $67 million in just under two hours. This sudden shift in investor sentiment is not without precedence; previous instances have seen long positions being wiped out, leading to further sell-offs.
From a technical perspective, we can identify several factors that may contribute to this selloff. A head and shoulders pattern has formed on the one-hour ETH chart, indicating a potential correction around $1,770 before regaining bullish momentum. Should the price fall below $1,760, it could potentially trigger further sell-offs.
However, there are also fundamental factors at play that may hinder any significant decline in value. The approval of ETH ETF staking has been touted as a key catalyst for Ethereum’s growth, and should this come to pass, we may see a renewed interest in the asset.
Additionally, whale accumulation is another factor that could stabilize Ethereum’s price. As recent reports have suggested, these large-scale investors continue to accumulate the cryptocurrency, adding significant support to the market.
Ultimately, it appears that Ethereum’s immediate future direction remains uncertain. A correction around $1,770 seems a more likely outcome than any drastic sell-off, given the fundamental factors at play. It is crucial for investors to remain vigilant and closely monitor the market developments before making any decisions.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice.
Source: https://www.coinspeaker.com/ethereum-liquidations-67m-is-another-selloff-coming/
