Over $11.6 Billion in ETH Shorts Set to Liquidate When ETH Sets New ATH, ETH Nears Highest Quarter Close in History
- Over $11.6 billion in ETH shorts set to liquidate when ETH sets new ATH.
- ETH nears its highest quarter close in history.
- The price of ETH could surge between $6,000 to over $10,000 in Q4.
The crypto market is in a highly precarious state as it reaches its monthly and quarterly close in under 48 hours. This time is a highly crucial time for the pioneer crypto asset Bitcoin and the pioneer altcoin asset Ethereum to regain critical support levels and close the month in a bullish state to ensure a bullish Q4. Over $11.6 billion in ETH shorts set to liquidate when ETH sets new ATH as ETH nears making its highest quarter close in history.
$11.6 Billion in ETH Short Set to Liquidate When ETH Sets New ATH
Over the month of September, the price of the pioneer altcoin, Ethereum (ETH), fell just below the $4,000 price range once and recently rallied back to the $4,100 price range, a critical support level for the asset. Now, with September and Q3 coming to a close, the price of the pioneer altcoin, Ethereum (ETH), could be close to closing this quarter in a bullish state, rather than a bearish red state as was initially expected.
According to the analyst in the post above, ETH rallied almost 250% from its bottom, so a correction is expected. The analyst from the post above thinks the Ethereum correction will be over in a few weeks. After that, ETH the price of ETH could rally to a price range above the $10,000 target. In fact, another reputed analyst says that ETH is in an extremely bullish region at the moment and that bearish noise will fuel a great rally to the $7,000 to $8,000 price range in Q4.
As we can see from the post above, over $11.6 billion in ETH short positions will be liquidated when the price of ETH reaches a new ATH price target. Responses to the post support bullish outcomes for the price of ETH in the days ahead. For instance, one response states that if ETH moves right, then shorts won’t get wrecked, but will instead contribute towards funding the rally. Another response states that $11.6 billion in ETH shorts is basically trapped liquidity, and a new ATH will add pressure to accelerate into the next leg up.
ETH Nears Making Its Highest Quarter Close in History
With Q3 and September coming to a close, the price of Ethereum (ETH) could be making its highest quarter close in history. As the post above highlights, if ETH closes above $3,700, this would mark the highest quarterly close ever. With only 2 days left until the Q3 candle closes, a confirmation of the W structure breakout points to a target around $6,400. Could this be another fakeout, or will ETH reclaim support to remain bullish?
