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Ethereum (ETH) has recorded robust profits in the last two weeks, rising from USD 2111 on June 12 to USD 2515 June 25, hoping for a constant stubborn rally, which can exceed digital assets beyond the key level of 3000 USD.
Ethereum rally marked by changing dynamics
According to the last post, rapid cryptochants by the author’s AMR Taha, the latest Ethereum rally was accompanied by a significant change in market dynamics – including the transition to positive financing rates, potential compact squeeze and augment in Eth’s influx to Binance Crypto Exchange.
Recent data from Binance reveal a significant change in ETH financing indicators from negative to positive. Positive financing rates usually indicate that traders open or occupy long positions, reflecting the expectations of further advantage.
However, growing financing rates can also augment the risk of compact -term price withdrawal if long positions become exaggerated. Data From Kouminggass, it shows that 68.15% of liquidation in the last 24 hours has been long positions – emphasizing this risk.
Taha also emphasized the role of a compact squeeze in the recent augment in Ethereum prices and an augment in the financing rate. When the price of ETH increased, it tested the previous compact quarter zone around USD 2,500. He explained:
In this earlier event, compact items were forced, initiating aggressive shopping orders to cover their exposure, causing a cascade effect known as compact squeezing. This dynamics occurs when traders who put on ETH (shorts) are forced to close their positions by aggressive redemption of assets to limit losses.
Meanwhile, ETH’s influence to Binance also increased. Replacing data in the chain suggests that 177,000 ETH was deposited in Binance within three days-a enormous volume.
Such an augment usually indicates increased pressure for sale or enormous -scale repositioning by the main owners. Immense ETH transfers for exchange often precede a potential sale or liquidity regulations.
To sum up, Taha noticed that although the compact -term correction may be likely, the ETH breakthrough above USD 2,500 emphasizes the aggressive speculative activity that drives the last price. It is recommended to traders to strictly monitor the financing rates and exchange flows for the signs of the upcoming reversing.
Eth Bulls takes over the charge
Last technical analysis suggests ETH can be prepared at a breakthrough above the resistance level of USD 2800. Acts also recently formed The golden cross on the daily chart, fueling speculation that the recent all time (ATH) can be within reach.
Having said that ETH is not completely clear. Technical analyst recently a cryptographic wave anticipated that cryptocurrency can again visit lower levels in the range from 1700 to 1950 USD. During the ETH press it trades at USD 2,429, which is a 0.4% decrease in the last 24 hours.
Recommended photo from Unsplash, charts from Cryptoquant and Tradingview.com
