Ethereum: What $59 million ‘weekly high’ meant for ETH’s long traders

Liquidations happen in an asset’s derivatives market when a trader’s position is forcefully closed due to insufficient funds to maintain it.

Long liquidations occur when the value of an asset suddenly drops, and traders who have open positions in favor of a price rally are forced to exit their positions. In ETH’s case, it recorded a spike in long liquidations on 9 April due to the fall in its price during the intraday trading session. For its part, the altcoinSoon after, Futures market participants who had placed bets in favor of a price rally were plunged into losses when ETH’s price fell to a low of $3470.Bulls’ attempt to displace the bears

While it fell a little over the last 24 hours, ETH’s price rally over the past week mirrors the general uptrend across the cryptocurrency market over that period. In fact,For example, readings from the coin’s Elder-Ray Index revealed that the indicator has returned only positive values since 8 April. This indicator measures the relationship between the strength of buyers and sellers in the market. When its value is positive, it means that bullish momentum is dominant in the market.

Furthermore, on 8 April, ETH’s MACD line crossed above the Signal line to be positioned above zero, at press time.This type of intersection is considered a bullish signal because it indicates that the altcoin’s shorter-term moving average is gaining momentum. This, relative to the longer-term moving average. Traders interpret it as a sign to enter and exit short positions.Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience.

Source: Digital Coin News (digitalcoinnews.net)

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