Benzinga – by Mehab Qureshi, Benzinga Staff Writer.
Cryptocurrency investors bullish on Ethereum (CRYPTO: ETH) have encountered a financial setback, with over $12 million in long positions liquidated. Bitcoin (CRYPTO: BTC), also saw $10 million in longs evaporated.
What Happened: Data from Coinglass shows that over 63,548 traders liquidated their positions in the last 24 hours, a total of $117.28 million with long positions constituting $83.16 million and short positions at $34.12 million.
Of these, Binance held the largest share, with $53.65 million in liquidations, 74.39% of which were long positions. OKX saw $38.91 million with a 66.47% rate of long liquidations.
At the time of writing, the total Ethereum liquidations were at $17 million, while Bitcoin followed closely at $16 million.
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Why It Matters: An analysis shared on TradingView by crypto analyst FieryTrading drew attention to a consistent pattern in Ethereum’s price movement that has been observed for nearly two years.
This pattern, described as a bullish triangle, emerged in mid-2022 following the market downturn triggered by the Terra Network’s collapse.
FieryTrading notes the potential implications of Ethereum breaking out from this longstanding pattern.
An escape from the bullish triangle could ignite an explosive rally, potentially propelling Ethereum’s price to revisit the record highs of $4,800 seen in 2021.
“In my eyes, a break out from this pattern might result in big gains for ETH, since it will burst through an area full of short-trade stop-losses which will be forced to buy back their positions,” FieryTrading explained. This anticipated rally could reflect a 130% growth from its current price figures.
Price Action: At the time of writing, ETH was trading at $2,018.73, down 1.17% in the last 24 hours according to Benzinga Pro.
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© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Read More: Ethereum Bulls Suffer More Than Bitcoin, Over $12M Longs Liquidated In A Single