Crypto Express

07/13 02:48

Ethereum prices surge – But what’s stopping ETH’s

Ethereum prices surge – But what’s stopping ETH’s run to $3,400

Ethereum rallies as macro data, whale inflows, and leveraged longs push price near $3000 resistance.

Ethereum surged to $2,967 after short liquidations and bullish macro data. Shrinking exchange reserves, whale accumulation, and strong derivatives positioning support upside, though overbought signals may trigger short-term resistance near $3K

Ethereum’s [ETH] price surged sharply following two short liquidation events near $2.7K and $3K, triggered by bullish U.S. jobless claims data released on the 10th of July. 

This data surprised the market by coming in below expectations, signaling economic resilience and reducing recession fears. As a result, aggressive buying combined with thin liquidity forced massive short liquidations. Consequently, Ethereum’s rally appears backed by a strong mix of macro catalysts, whale accumulation, and bullish derivatives positioning. 

While shrinking exchange reserves and positive funding reinforce the case for continued upside, technical indicators show that ETH may soon face resistance near $3,000. 

Whether bulls can maintain this momentum depends on sustaining buying pressure and macro support.

A successful flip of $3K into support could open the path to $3,400, but failure to break resistance might trigger a short-term cooldown.

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