The next Ethereum support was determined by Bloomberg analyst Mike McGlone. Mike McGlone had a well-deserved reputation by knowing $10,000, $12,000, and $50,000 in Bitcoin. Next Ethereum support zone invoked by analyst after global market correction cryptocoin.com‘in.
Next Ethereum levels
Bloomberg analyst Mike McGlone has identified the next support for the Ethereum cryptocurrency, calling it $4,000. Currently, leveraged long-term trades are “combating” selling pressure from higher levels, according to McGlone. Currently, leveraged longs are liquidated, while funds are redistributed from individual traders using leverage. Ethereum (ETH) price and detailed market data from here you can see.
McGlone is also poised to see consolidation in the $4,000-$5,000 range, which is currently in a narrower range of $4,400-4,000. Ethereum’s price action mostly repeats Bitcoin’s. Big coins like ETH are consolidating after a significant correction in the market. Smaller altcoins have taken most of the volatility and are now either rising rapidly or falling rapidly.
The cryptocurrency market has had a rough few weeks after hitting a new local high. The main reason for the peak boom was the emergence of additional regulatory risks. According to the Bloomberg Galaxy Crypto Index, the biggest cryptocurrencies have lost 14% in the last month alone. In addition to major cryptocurrencies, smaller altcoins such as Shiba Inu, Floki and Avalanche lost 60% and 13% respectively. According to analysts, the cryptocurrency market was overbought, which was reflected in the funding rates and the ratios of the longs and shorts. Additionally, most positions in the market were over-leveraged and traders opened positions with up to 100x leverage.
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