Ethereum [ETH] Could Rise 22% and Reach Just $3,500…
![Ethereum [ETH] Could Rise 22% and Reach Just $3,500…](https://media.askfx.com/assets/60879-ethereum-eth-could-rise-22-and-reach-just-3500-1024x585.jpg)
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- On-chain metrics indicate that exchanges experienced approximately $180 million in ETH outflows.
- Intraday traders are currently heavily overleveraged, with potential thresholds at $2,712 on the downside and $2,870 on the upside.
In the wake of a sharp downturn in the cryptocurrency market, sentiment has shifted dramatically. In this context, Ethereum (ETH), being the second-largest cryptocurrency by market cap, is garnering renewed interest from expert analysts and investors alike.
$180 million worth of ETH outflows
Data as of February 6 shows that both investors and long-term holders have been actively buying during this recent price dip.
The observed spot inflows and outflows data indicated that exchanges encountered around $180 million worth of ETH exiting in just 48 hours, suggesting a pattern of accumulation.
Source: Coinglass.
The mass exit of funds from exchanges could contribute to increased buying pressure and consequently lift prices further.
Liquidation levels and short positions
Apart from bullish indicators coming from long-term stakeholders, intraday traders appear to be positioning themselves against upward movements due to prevailing market conditions.
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The liquidation chart for ETH reveals that many traders might be overexposed at both lower support levels ($2,712) and higher resistance levels ($2,870). This uncover crucial dynamics for price trends concerning the altcoin. span >
7 p >Source: Coinglass.
/ The defined liquidations suggest instability among bulls while short sellers seem dominant within day-to-day trading patterns.,
/   ; : Experts maintain focus on essential long-term milestones.
