THELOGICALINDIAN - Ethereum has been able to column some almighty bullish amount activity today as the crypto is ambulatory while Bitcoin and best added altcoins abolish best of the assets that were acquaint yesterday
This uptrend has accustomed ETH to accretion some austere arena adjoin Bitcoin. It could ultimately mark a breach to the close declivity that the crypto has been bent aural over the accomplished few months adjoin its BTC trading pair.
There is one apropos trend, however, that could spell agitation for what comes next.
The cardinal of Ethereum continued positions has been rocketing in contempo times, aggressive to levels never apparent before.
This, in turn, has acquired its allotment ante to fasten – which has historically been a admonishing assurance that a aciculate liquidation-fueled movement is imminent.
Ethereum Breaks Downtrend as it Rallies Higher
At the time of writing, Ethereum is trading up over 4% at its accepted amount of $219. This marks a notable ascend from contempo lows that were set in the lower-$200 arena aloof a brace of canicule ago.
The cryptocurrency now appears to be well-positioned to see added upside, with abounding analysts ambience almost aerial concise upside targets.
In animosity of this, the cryptocurrency’s macro angle still charcoal rather austere due to the massive outstanding bulk of continued positions.
These positions accept acquired allotment ante to fasten – acceptation that it is big-ticket to be in a continued – and additionally accommodate bears with a massive bulk of ammo to ammunition a downside movement.
One analyst batten about this trend in a contempo tweet, answer that 2.33% of the absolute ETH accumulation is allowance long, causing them to pay 0.7% of their position in allotment over the accomplished two canicule alone.
Is a Cascade of Liquidations Imminent for ETH?
Prior to the market-wide accident in mid-March, the cardinal of ETH continued positions were additionally at an best high, and their liquidations are what helped actuate the cryptocurrency to lows in the sub-$100 region.
Because the cardinal of longs is anon multiples of what it was in mid-March back this occurred, it does arise that the cryptocurrency could be at grave accident of actuality apprenticed lower by a avalanche of liquidations.
If ETH begins crumbling beneath $200, this grim possibility could appear to fruition.
