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ETH Reclaims $3,800, Starts Taking Out Short Liquidation Clusters, As Golden Cross Pattern Completes
ETH reclaims $3,800 bullish price range, aims for $4,000 next
Ethereum is also starting to take out short liquidation clusters.
A golden cross formation appears on the ETH vs BTC price chart.
The pioneer crypto altcoin, Ethereum (ETH), reclaims the $3,800 price mark and is steadily working its way upwards. For the moment, analysts have made many other bullish observations since ETH reclaims $3,800. For instance, ETH starts taking out short liquidation clusters above this price, and a bullish golden cross pattern on the ETH price chart nears completion, igniting sentiments for greater ETH ATHs soon.
ETH Reclaims $3,800, Starts Taking Out Short Liquidation Clusters
Ever since Bitcoin set its latest ATH price at $123,000, analysts and altcoin enthusiasts have been patiently waiting for the price of ETH to hit new ATH prices in the days following Q3. However, the price of ETH has yet to break the $4,000 price barrier after having surpassed the $3,800 resistance level. Just a couple of hours ago, ETH reclaimed the $3,800 price range after a short market liquidation sent the price below earlier this week
To highlight, Galaxy Digital, an entity that was holding $9 billion worth of BTC acquired from the Satoshi-era, sold their BTC holdings. While the firm sold its BTC in short batches over two days, these batches were big enough to make a huge impact. Starting with 10,000 BTC, the firm worked its way up to selling all its 80,000 BTC by dumping the pioneer crypto asset across multiple reputed crypto exchanges
Immediately, the price of BTC fell from $119,000 to $115,000, leading to over $107 million worth of BTC trades being liquidated, of which, $105.59 million liquidations came from long positions. The biggest contributor to this liquidation was the Galaxy Digital BTC sales. While BTC did take a big hit, the crypto market didn’t lose as much momentum as it would during a bear market
Since we are in the thick of a highly bullish bull market, the price of BTC recovered soon, along with all the altcoins that dipped in price alongside it. For instance, the price of Etehreum (ETH) fell to the $3,600 price range and has already reclaimed the $3,800 price target. For now, reputed analysts are finding multiple factors that encourage a rapid rise in ETH prices in the days ahead
Another Bullish Golden Cross Formation Appears
As we can see from all the posts shared above, ETH is showing multiple bullish signs of hitting higher highs soon. Specifically, ETH is starting to take out short liquidation clusters and is completing a bullish golden cross pattern in the ETH vs BTC price chart. Another analyst says that ETH is pushing against a 4-year diagonal resistance and is breaking out of a weekly bullish pennant 4 years in the making, meaning an extraordinary pump lies ahead, with the first target lying at $4,850.