{"id":383360,"date":"2024-04-10T15:00:35","date_gmt":"2024-04-10T09:30:35","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=383360"},"modified":"2024-04-10T21:35:17","modified_gmt":"2024-04-10T16:05:17","slug":"ethereum-what-59-million-weekly-high-meant-for-eths-long-traders","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-what-59-million-weekly-high-meant-for-eths-long-traders\/","title":{"rendered":"Ethereum: What $59 million &#8216;weekly high&#8217; meant for ETH&#8217;s long traders"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">ETH\u2019s price fell briefly, with the altcoin valued at $3470 on 9 April<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Decline in price fueled an uptick in long liquidations<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><a href=\"http:\/\/ambcrypto.com\/category\/ethereum-news\/\" target=\"_blank\" rel=\"noopener\">Ethereum\u2019s [ETH]<\/a> long liquidations closed the trading session on 9 April at a weekly high of $59 million, according to <\/span><a href=\"https:\/\/www.coinglass.com\/currencies\/ETH\"><span style=\"font-weight: 400;\">Coinglass<\/span><\/a><span style=\"font-weight: 400;\"> data. This occurred despite the recent volatility in the altcoin\u2019s price. In fact, according to <a href=\"https:\/\/coinmarketcap.com\/currencies\/ethereum\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a>, ETH was trading at just under $3550 at press time.\u00a0<\/span><\/p>\n<figure id=\"attachment_383362\" aria-describedby=\"caption-attachment-383362\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Ethereum-Liquidations.png\"><img decoding=\"async\" class=\"wp-image-383362 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Ethereum-Liquidations.png\" alt=\"Ethereum Liquidations\" width=\"2560\" height=\"718\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Ethereum-Liquidations.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Ethereum-Liquidations-300x84.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Ethereum-Liquidations-1024x287.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Ethereum-Liquidations-768x216.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Ethereum-Liquidations-1536x431.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Ethereum-Liquidations-2048x575.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Ethereum-Liquidations-1200x337.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-383362\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Liquidations happen in an asset\u2019s derivatives market when a trader&#8217;s position is forcefully closed due to insufficient funds to maintain it.\u00a0<\/span><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In ETH\u2019s 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 altcoin<\/span><span style=\"font-weight: 400;\"> briefly exchanged hands below $3500, before regaining to close the day at $3505.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Soon after, Futures market participants who had placed bets in favor of a price rally were plunged into losses when ETH\u2019s price fell to a low of $3470. <\/span><span style=\"font-weight: 400;\">On the other hand, short liquidations totalled $7 million, AMBCrypto found.<\/span><\/p>\n<h4><b>Bulls&#8217; attempt to displace the bears<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">While it fell a little over the last 24 hours, ETH\u2019s price rally over the past week mirrors the general uptrend across the cryptocurrency market over that period. In fact, <\/span><span style=\"font-weight: 400;\">the global cryptocurrency market capitalization has risen by 4% in the last seven days alone.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An assessment of ETH\u2019s performance on the 1-day chart underlined a re-emergence of bullish sentiments.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"http:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Ethereum (ETH) Price Prediction<\/a>\u00a02024-25<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">For example, readings from the coin\u2019s 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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, on 8 April, ETH\u2019s MACD line (blue) crossed above the Signal line (orange) to be positioned above zero, at press time.\u00a0<\/span><\/p>\n<figure id=\"attachment_383364\" aria-describedby=\"caption-attachment-383364\" style=\"width: 2368px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/ETHUSD_2024-04-10_08-11-33.png\"><img decoding=\"async\" class=\"wp-image-383364 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/ETHUSD_2024-04-10_08-11-33.png\" alt=\"ETH 1D TradingView\" width=\"2368\" height=\"1330\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/ETHUSD_2024-04-10_08-11-33.png 2368w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/ETHUSD_2024-04-10_08-11-33-300x168.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/ETHUSD_2024-04-10_08-11-33-1024x575.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/ETHUSD_2024-04-10_08-11-33-768x431.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/ETHUSD_2024-04-10_08-11-33-1536x863.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/ETHUSD_2024-04-10_08-11-33-2048x1150.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/ETHUSD_2024-04-10_08-11-33-1200x674.png 1200w\" sizes=\"(max-width: 2368px) 100vw, 2368px\" \/><\/a><figcaption id=\"caption-attachment-383364\" class=\"wp-caption-text\">Source: ETH\/USDT on TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This type of intersection is considered a bullish signal because it indicates that the altcoin\u2019s 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.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 9 April, long liquidations totalled $59 million, while short liquidations were less than $7 million on the charts.<\/p>\n","protected":false},"author":64,"featured_media":383366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[32,66,3,4,20],"tags":[6425,6428],"class_list":["post-383360","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view","tag-featured","tag-new-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ethereum: What $59 million &#039;weekly high&#039; meant for ETH&#039;s long traders - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Ethereum\u2019s [ETH] long liquidations closed the trading session on 9 April at a weekly high of $59 million, Coinglass data revealed...\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/ethereum-what-59-million-weekly-high-meant-for-eths-long-traders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum: What $59 million &#039;weekly high&#039; 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