Crypto Express

07/16 04:50

Is Ethereum’s $3K rejection a spark for ETH’s next

Is Ethereum’s $3K rejection a spark for ETH’s next breakout?

Ethereum’s dip might be less a setback and more a springboard.

Ethereum just saw a 2% dip and heavy liquidations, yet Open Interest and ETF inflows suggest strong underlying conviction. BlackRock alone added 50,970 ETH as capital quietly rotates from Bitcoin.

Ethereum [ETH] just took a 2% hit and got rejected hard at a key resistance level, and suddenly $3,000 is looking more like a local top than a launchpad. 

In fact, that drop wiped out $82.28 million in longs, nearly 80% of the day’s liquidations. And there’s still $47 million hanging by a thread, ready to go with even a minor dip.

Bitcoin’s Open Interest has dropped 3.72%, with the price now 5% off its $122k high. Meanwhile, ETH has kept its OI drawdown to just 2%, showing more stability under pressure.

If that relative strength holds, Ethereum could be setting up for another leg higher, using this 2% dip as a springboard for a breakout above $3,000.

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