Visualized Ether Value Vanishing with Approach of $5,000 per Ether Mark
In the dynamic world of cryptocurrencies, Ethereum (ETH) has been making headlines with its recent surge. Over the past week, Ethereum has seen a significant boost, climbing nearly 10% to reach a current price of around $4,718.
This impressive performance has not gone unnoticed. Financial giants like Standard Chartered have predicted that Ethereum could reach as high as $25,000 by 2028.
As Ethereum approaches the psychological level of $5,000, it's important to note that the cryptocurrency's technical setup shows a strong resistance around $5,100. This resistance level, identified by multiple analysts and models, is crucial for bullish continuation towards new highs.
The current market scenario is particularly interesting due to the large short positions on Hyperliquid, which represent traders betting on Ethereum's price to fall. If ETH decisively breaks above $5,100, these shorts may face losses, potentially triggering a short squeeze.
This short squeeze could lead to a rapid price rally, with potential targets in the $5,200–$6,000 range. The liquidation map shows a dense cluster of short positions with liquidations between $5,000 and $5,120, indicating that a $300 push from the current price could determine whether Ethereum moves higher slowly or quickly breaks through resistance.
If Ethereum manages to breach the $5,100 mark, it could trigger a significant short squeeze, causing a rapid price surge as those holding shorts rush to cover their positions. This scenario could amplify bullish momentum and push Ethereum towards higher price targets.
Meanwhile, the market is watching the gap close day by day. If Ethereum surges, it could reach unprecedented heights not seen since 2021. It's worth noting that as of publication, Ethereum is already bigger than both Netflix and Mastercard.
If Ethereum climbs past $5,100, approximately 52,430 ETH in short positions on Hyperliquid, worth about $247,764,368 at current prices, would be liquidated instantly. This could result in automatic buy orders flooding the market, further fuelling the rally.
As we watch this exciting development unfold, it's clear that Ethereum's potential rise could add fuel to an already impressive rally. The future of Ethereum looks promising, and it's an exciting time for investors and enthusiasts alike.
This article is written by Alex Dovbnya. Follow the #Ethereum Price Prediction, #Ethereum News, and #Ethereum for the latest updates.
[1] Analyst Predicts Ethereum to Reach $5,200 Before Correction [2] Ethereum Price Prediction: Will ETH Reach $5,100? [3] Why Ethereum Could Reach $5,100 Soon [4] Ethereum's Institutional Adoption and Tokenized Asset Growth Drive Bullish Forecasts [5] Ethereum's Long-Term Bullish Outlook: Targets up to $10,000-$15,000 by Year-End
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