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The thing with meme coins nowadays is that we even have monkeys, frogs and hamsters.
Brief spotlight on Ethereum’s market perfomance:
- Weekly price change for Ethereum (ETH): Ether has jumped 14% up versus last week moving from $2,311 to $2,642 over the last seven days.
- Ethereum (ETH) Market Capitalization: Ethereum’s market capitalization is up from $278 billion to $320 billion over the last seven days.
- Performance of Top Ethereum Memecoin: Neiro on ETH (NEIRO) enters a second consecutive week of gains after being listed on Binance, the token jumped 206% over the last seven days to become the top performing meme coin of the week.
Ethereum (ETH) is edging on a "critical resistance level" that could unleash a dangerous $410 million liquidation pit.
Traders are glued to their screens, waiting to see if the largest smart contracts blockchain is likely to take such a fall as it approaches $2,700.
The charts do seem like Ethereum (ETH) is standing at the door of greatness, but like an absent-minded Isaac Newton, forgot the key to the lab. If it manages to stumble over the resistance line, we could see a glorious bull run that has hodlers feeling all glorious.
But if ETH flops, brace yourself for the mass liquidation event, where all those overly ambitious leveraged traders will see the rage of the bears.
The potential liquidation numbers are a stark reminder that playing with leverage is like juggling chainsaws—fun and rozy until the price drops and you’re left picking up the pieces.
ETH Price Determinants
Market sentiment and external price factors are some of the things that traders are strongly obsessing about given they are key determinants of ETH’s price action.
From economic indicators to develppments within the crypto sphere—how Ethereum plays out these market factors will hugely impact the direction of the broader altcoin market.
Analysts advising market participants to monitor trading volumes and the market’s general trend in liquidations.
A sudden selling frenzy could hit Ethereum, and since the cryptoverse is one big entangled web, that chaos could easily spread faster than bad news during a family dinner.
If ETH takes a nosedive, expect the rest of the market to also follow.
Many investors are evaluating whether Ethereum’s strategy in managing significant liquidations could trigger a rally toward the $3,000 level.
Ethereum Technical Analysis: The Wave Trend Momentum Oscillator (WTMO)
Recent analysis of the ETH/USDT trading pair has shown a consistent pattern on the daily timeframe, indicating potential upward movement.
The Wave Trend Momentum Oscillator (WTMO) has historically demonstrated that aligned lows often signal notable price surges, with previous occurrences yielding gains of over 76.38%.
And as Ethereum approaches the key liquidity zone above $2,616, traders will be eager to see how the price action takes shape beyond that level.
If we take context from the broader market, Ethereum’s ability to sustain its momentum will be pivotal.
The interplay between supply and demand, coupled with investor sentiment, will dictate whether it continues its upward movement or encounters major corrections.
More: Vitalik Buterin Denounces L2 Networks That Are Below Stage 1
Investors should therefore remain alert and be prepared to respond to any sudden shifts that may affect their positions. Meanwhile, the upcoming days could be pivotal for Ethereum, as it contends with resistance and a potential risk of liquidation.
Kataryna Habeliia
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.
