ETH Jumps 7% to $4,200, Highest Since December 2021, as Analysts Forecast What’s Next
Main Idea
Ether (ETH) surged to $4,200, its highest price since December 2021, driven by heavy trading and $207 million in short liquidations, with analysts noting potential for further gains but warning of elevated risks.
Key Points
1. ETH surged 7% to $4,200 after breaking the $4,000 resistance level, marking its highest price since December 2021.
2. $207 million in short liquidations contributed to the upward momentum of ETH's price.
3. Analysts noted that ETH's rise above $4,000 was accompanied by increased bullish sentiment among retail traders, with mentions of 'buying' and 'bullish' terms doubling compared to 'selling' and 'bearish'.
4. Crypto analyst Michaël van de Poppe warned that buying ETH at elevated levels carries greater risk, though he sees potential for a breakout toward all-time highs.
5. ETH's price movement showed significant intraday volatility, with swings of $42.52 within an hour.
Description
Ether (ETH) jumped to $4,200 on Binance early Saturday, its highest since December 2021, after a two-day rally fueled by heavy trading and $207 million in short liquidations. The move followed Friday’s breakout above $4,000 for the first time since December 2024, a technical milestone that drew in fresh buying and set the stage for Saturday’s push higher. Miles Deutscher said these forced buybacks helped accelerate the rally. In an earlier post, he described an “on-chain wealth effect”: as ETH’s...
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