Ethereum (ETH) Price Rise and Stability Pulls Broader Crypto Market to $1 Trillion
The broader cryptocurrency market is now eyeing to regain the $1 trillion valuation. After a solid correction earlier in June, altcoins posed a good recovery led by Ethereum (ETH).
The ETH price is more than 13% on the weekly chart as the world’s second-largest crypto finds strong support at its 200-week moving average i.e. $1,200. As of press time, ETH is trading 1.2% down at a price of $1219 with a market cap of $148 billion.
The ETH price recovery comes amid sizeable short liquidations taking place in the world’s second-largest crypto. As per data on CoinGlass, more than $60 million in short liquidations took place last Friday.
In a note to clients, Genesis Trading’s Ainsley To, Gordon Grant and Noelle Acheson wrote:
A major options expiration on Friday had been watched as a potential source of volatility. However, “short risk cleared surprisingly efficiently” for Ether amid “perhaps unexpected stability”.
Ethereum Profit Taking
After a strong recovery last week, there have been some signs of profit-taking for the world’s second-largest cryptocurrency. On-chain data provider Santiment reported:
Ethereum is enjoying a nice weekend rise, and the #2 market cap asset’s price is now up +30% in the past week. It appears there is quite a bit of profit-taking on this mid-sized bounce, and the low whale activity indicates it isn’t coming from them.
Amid the BTC price correction since the beginning of May, the ETH short positions have been on a decline while long positions have been on the rise. Citing data from Datamish, crypto analyst Colin Wu explains:
The current Bitfinex ETH short position is 19,132.4 pieces. Since May 9, Bitfinex ETH short positions have continued to decline, with a cumulative decrease of 243,000 ETH; long positions have continued to rise, with a cumulative increase of 245,000 ETH.
Ethereum has been on a major downfall since the beginning of the year and still continues to trade more than 60% down year-to-date.
- Matrixport Predicts Market Direction as $6B Bitcoin, Ethereum, XRP Options Expire Today
- Why is Crypto Market Up Today (Oct 24)
- Breaking: 21Shares Amends Sui ETF with Staking, Nasdaq Listing, Other Key Details
- Binance’s Changpeng Zhao Takes on Senator Elizabeth Warren On False “Fraud” Allegations
- Trump Tariffs: Crypto Market Volatility Looms As US President Terminates Trade Talks With Canada
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
- Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
- BNB Price Prediction as Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
