The recent surge in Ethereum’s price caught many by surprise, particularly amidst speculation surrounding the approval of an Ethereum ETF. However, recent developments suggest that this approval may arrive sooner than anticipated, fueling a shift in sentiment from bearish to bullish. In less than 24 hours, over $250 million worth of short positions were liquidated, indicating a significant market shift.
On the technical front, Bitcoin‘s recent movement has been equally significant. Breaking through key resistance levels, Bitcoin has signaled strength to the market. The daily chart showcases Bitcoin’s successful breach of the $67,000 mark, a pivotal resistance level. This breakthrough sets the stage for Bitcoin to target the $70,000 milestone, potentially solidifying its bullish stance.
Ethereum’s chart mirrors this bullish sentiment. Surpassing its 50-day and 200-day moving averages, Ethereum demonstrates strong upward momentum. Increased trading volume further signifies growing investor confidence in Ethereum’s future.
These price movements have had a profound impact on the broader market. Over $250 million worth of short positions were liquidated as traders rushed to cover their positions amidst the bullish trend, amplifying the rally.
Notably, data reveals that the majority of these liquidations were short positions. Prior to the Ethereum ETF news, the market sentiment was predominantly bearish. In the past 24 hours alone, $328.73 million was liquidated, with $267.06 million stemming from short positions. This surge in liquidations suggests the potential for further market momentum, possibly propelling the market into the second phase of 2024’s bull run.
