Ethereum

Bitcoin

when

Coin

<ul class="wp-block-list news-points">
 <li>ETH faces significant resistance above the $3,500 price level.</li>
 <li>A massive surge in ETH inflows to derivatives exchanges has been seen.</li>
 <li>If ETH drops to $3,100, a whopping $1.9 billion in ETH longs will be wiped off.</li>
</ul>
Ether (ETH), the native token of the Ethereum blockchain, has shown substantial gains recently after trailing market leader Bitcoin (BTC) for most of the current market cycle. However, ETH is now nearing a crucial resistance level of $3,500, and data suggests the bulls may struggle to break through.
According to a <a href="https://cryptoquant.com/insights/quicktake/6746aa2ef175a3437045644a-The-ETH-Exchange-Netflow-for-derivative-exchanges-has-reached-42000-on-two-occas" target="_blank" rel="noopener noreferrer nofollow">post</a> on blockchain analysis platform CryptoQuant’s Quicktake by Amr Taha, the number of ETH tokens moving to derivatives exchanges is rising rapidly. This significant inflow often indicates that traders are opening short positions, which could hinder Ether’s upward momentum.
<div class="wp-block-image">
 <figure class="aligncenter is-resized"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeRSv0zV3kAUtKwW706sI2eP1vd2i2jW0kg4fpHG8-VeYDFeGcfYe0pLqVFNoTk4oarehIC-G5a_p83b1EgCUv1_-6iGg0rt5Nrx_p_EElfQ2SaaNT3Rwhu_wcHoSCKX6m5FQSXRw?key=dQBKjIBq2XNV-3q_g4yGrRjl" alt="" style="width: 100%;height:auto">
 </figure>
</div>
Data from Coinglass’s ETH Exchange <a href="https://www.coinglass.com/pro/futures/LiquidationMap" target="_blank" rel="noopener noreferrer nofollow">Liquidation Map</a> shows that $1.93 billion in ETH longs would be liquidated if the price falls to $3,100. Conversely, if the price reaches $3,100, over $760 million in ETH shorts would be liquidated.
Meanwhile, the ETH burn rate is also increasing. The Ethereum network has two “engines” that burn Ether when demand exceeds…
The post <a href="https://coinedition.com/ethereum-approaches-3500-liquidation-risks-could-stall-bulls/" rel="noopener noreferrer nofollow">Ethereum Approaches $3,500: Liquidation Risks Could Stall Bulls</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Ethereum Approaches $3,500: Liquidation Risks Could Stall Bulls

Coin Edition

Other articles published on Nov 27, 2024

3 Best Meme Coins to Buy in 2024: Tokens With Serious Potential

Polygon’s Surge Past $0.6 Could Lead to a Massive Rally

TORN Surges 418% As Federal Court Rules US Sanctions Against Tornado Cash Must Be Abandoned

Solana: The Crypto ETF That Could Change Everything In 2025!

US Court Ruled That Treasury’s 2022 Sanctions Against Tornado Cash Smart Contracts Are Unlawful

US Court Approves SEC’s Request in Binance Case

Join our free newsletter for daily crypto updates!