Amid a fluctuating cryptocurrency market, Ethereum (ETH) has experienced a surprise liquidation of long positions, totaling more than $14.46 million in a single day.
This situation has resulted in a financial setback for investors optimistic about the cryptocurrency, while Bitcoin (BTC) has also seen around $13.7 million in long positions evaporate.
Data collected by Coinglass reveals that more than 63,548 traders have liquidated their positions in the last 24 hours, with a total of $101 million in liquidations, where long positions represented $70 million and short positions, $31 million.
Binance has been the most affected exchange, reporting $50.4 million in liquidations, of which 72% corresponded to long positions, followed by OKX with $28 million and 64% liquidations in long positions.
In the case of Ethereum, liquidations reached $18.6 million, while Bitcoin was close with $13.5 million in liquidations.
Possible expansion of the ethereum ‘bullish triangle’
Analysis from a cryptocurrency expert shared via TradingView highlights a consistent pattern in Ethereum’s price movement, identified as a “bullish triangle” that has formed since mid-2022 following the collapse of the Terra Network.
This expert, known as FieryTrading, highlights the possible implications of Ethereum breaking this pattern, suggesting the possibility of an explosive rally that could take the price of Ethereum to record levels of around $4,800, reached in 2021.
“A breakout of this pattern could generate big gains for ETH, by forcing those with short positions to buy back their positions”
FieryTrading explained. This, according to the analysis, could result in 130% growth from current price levels.
At the time of writing, Ethereum is trading at $2,016.7, reflecting a slight decline of 1.4% in the last 24 hours according to data from CoinMarketCap.
This situation highlights the inherent volatility of the cryptocurrency market, offering profit opportunities as investors closely observe the evolution of Ethereum and Bitcoin in a context of possible strong price movements.
