Ethereum (ETH) Market Analysis: 24-hour Increase Exceeds 2.5%, Bullish Flag Structure Supports Optimistic Expectations
ETH price rebounded today, rising over 2.5% in the past 24 hours, with the current trading price at $2536, up from a low of $2440 yesterday to an intraday high of $2551, marking a range increase of 4.5%. Market optimism is on the rise, with some views suggesting that ETH could reach $3000 in May, as technical signals serve as primary support.
Market Dynamics and Liquidation Data
Leverage Clean-up🚨: On May 19, the crypto market experienced large-scale liquidations, with over $158 million in positions liquidated within 24 hours, of which $95 million were long positions, indicating intense short-term speculative battles;
Short Squeeze🚨: ETH short liquidations reached $22.25 million, with an additional $7.5 million in the last hour, suggesting that shorts are actively reducing positions during the decline.
Technical Analysis: Bullish Flag Structure Intact
Pattern Confirmation: 🚨On the four-hour chart, ETH price remains within the "bullish flag" pattern, which typically appears after a significant rise followed by a downward consolidation, serving as a classic bullish continuation signal;
Key Levels: 🚨On May 13, the price broke above the $2550 upward trend line, confirming the pattern's validity; currently testing the flag's upper boundary (at $2470), forming strong short-term support;
Target Outlook: 🚨If the daily close stabilizes above $2470, a recovery in the upward trend is expected, with the bullish flag technical target pointing towards $3720 (a 50% increase from the current price).
Trend Outlook and Risk Warning
The market believes that the recent decline is a technical correction aimed at testing key support levels, and after completing the turnover of holdings, the upward trend may resume.
However, caution is advised for short-term volatility risks; if the support at $2470 is breached, it may trigger further corrections. The current pattern still supports a bullish logic in the medium to long term, and investors should pay attention to the daily closing situation to confirm the trend.
