ETH Liquidations Surpass $67 Million Amid Price Volatility
Ethereum has faced challenges in surpassing the $2,000 threshold, dipping below $1,400 on April 9. On April 22, it rebounded from $1,550 to $1,800 amid optimism in the crypto market.
However, by April 30, Ethereum fell to a local low of $1,736, leading to liquidations totaling $67 million—$48 million from longs and $19 million from shorts. This created a head and shoulders pattern on the one-hour price chart.
Key points:
- Projected correction to around $1,770 before potential bullish momentum.
- A fall below $1,760 may lead to further declines toward $1,700.
- Price above $1,830 could negate the head and shoulders pattern.
- Current relative strength index (RSI) at 54 indicates neutral volatility.
- Market sentiment and macroeconomic conditions will impact price movements.
- Approval for ETH ETF staking could act as a significant catalyst.
Grayscale is seeking approval from the US SEC for the ETHE fund’s staking.