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.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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