Ethereum Soars 30% in Last 7 Days Despite Active Profit Taking of Traders - BitcoinEthereumNews.com
अरमान शिरीनयान Ethereum survives series of massive liquidations and selling pressure A wild market ride Traders still prefer profit-taking Ethereum has successfully दिखाया its investors that it has growth संभावित despite going through one of the strongest sell-offs in the assets history following the liquidations of large institutional investors like 3AC, Celsius and others. A wild market ride In the last eight days, Ethereum hasgained around 40% to its value if we measure the current rallys result from the absolute bottom reached back on June 18. Such strong growth was most likely fueled by a concentration of “buy” orders of $900. Most traders were actively looking for a perfect entry into Ethereum, which was more than possible after the asset plunged below $1,000 and then faced even bigger selling pressure that caused a plunge to the $800 range. The massive liquidation volume and lack of liquidity allowed investors to push the price of the second largest asset on the market back to $1,200 despite the market capitalization of Ether remaining below the June 1 level. Traders still prefer profit-taking Unfortunately, the 30% price increase is not enough for traders and investors to keep supporting the asset as their on-chain activity suggests that the majority of ETH holders are actively taking