Will ETH Price Hit $3K After 8% Rally? Check Why Ethereum Is Going Up
Ethereum price jumped sharply today. Right now, $ETH is trading at around $2,663.62, which is 8.78% higher than yesterday. Also, more people are trading this altcoin — the 24-hour trading volume has crossed $36.64 billion, up by 13.26% from yesterday, as per CoinMarketCap price chart.
Source: CoinMarketCap
This shows that there’s a lot of excitement around this token. But the real question remains: why Ethereum is going up today and what will be ETH price prediction? Here’s what;s really happening with this coin
Why Ethereum Is Going Up Today? 2 Major Reasons
1. Whale Alert: Abraxas Capital Buys $561M in ETH
In the Ethereum latest news today, One of the main reasons for the price hike was unveiled. A huge investment by Abraxas Capital, a large finance firm. They just purchased a massive quantity of this token — approximately 242,652 ETH, which is equivalent to about $561 million.
Source: Lookonchain
They began purchasing when the price was approximately $2,460 and continued purchasing as the price increased. These were purchased with borrowed USDT (a stablecoin). Statistics according to Lookonchain indicate that $ETH was transferred from Binance wallets to Abraxas Capital's wallets numerous times.
Being a crypto analyst, I highly bet that when a big investor buys such a large amount of any cryptocurrency, it sends the price flying.
2. Ethereum Liquidation Map: $366M Wiped, Shorts Crushed
Another thing that happened in today's news is a wave of crypto liquidations. In simple terms, when the market moves quickly, traders who use leverage can lose money fast. As per 24 hours analysis:
Source: Liquidation Map
More than $366 million was liquidated in aggregate
$502,200 of this tokens alone was liquidated
Longs (bullish bets): $282,910
Shorts (bearish bets): $219,290
The largest single loss occurred on Binance, where a $12.2 million tokens trade was liquidated
This indicates that a lot of individuals were betting for and against ETH. But because more short positions were liquidated, it is an indication that the price increased beyond expectations. This tends to create more positive energy in the market.
Ethereum Price Prediction Today : What’s Next?
Now that it has crossed $2,700, people are asking what will happen next in $ETH price prediction.
So, If it can stay above this level, the next possible target is between $2,850 and $2,950. But if it falls below $2,550, there could be a small drop before it rises again.
So far, the market looks strong. Traders are hopeful that it can move even higher in the short term.
Conclusion: Bullish Momentum With Caution
Ethereum price rally due to two major reasons — whale purchases and short position liquidations. Both of these occurrences indicate that a lot of individuals think that it has further space to rise.
But don't forget, the crypto market is volatile. It's crucial to monitor major price levels. If ETH remains above $2,700, it may soon be testing the $3,000 level. Otherwise, we could see a slight drop before another upsurge.
Presently, its price prediction trends seem solid, and most are observing it keenly for its next move.
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