Liquidations Could Spike if ETH Rises Above $3K

Bears are being wiped out today as a result of this uptick, with $200 million worth of short positions already being blown up in the past 24 hours. My bet is that, if the price climbs above $3,000, liquidations will spike to even higher levels.

This is both a key technical and psychological resistance that bulls need to recapture if they want to reignite the rally.

Trading volumes have surged by 62% in the past 24 hours as well, currently sitting at $31 billion and accounting for almost 9% of the token’s circulating market cap.

Despite the uptick, the Fear and Greed Index remains heavily depressed at 12, indicating that market participants are still fearful amid the recent decline.

Ethereum has to climb to at least $3,100 to break even this year, after losing 35% in the past month alone. Meanwhile, it is still 40% away from its recent all-time high.

ETH Could Target $3,400 If Positive Momentum Gains Traction

Looking at the daily chart, the price has jumped off the $2,800 level strongly. This is a former area in which the price consolidated for weeks before it started to climb toward its new all-time high.