Is Ethereum (ETH) Poised to Surge Upon Breaking Current Resistance Barrier?

  • Ethereum, the world's second-largest cryptocurrency, is currently showing some volatility, but if it can overcome a substantial resistance level just above ZAR 37,440, the crypto analyst Ali Martinez predicts a potential surge to ZAR 51,480.
  • Despite the price volatility, Ethereum's supply on crypto exchanges is declining, indicating that non-exchange addresses are consistently accumulating more ETH. This trend suggests that the market is anticipating a bullish turn.
  • A significant short seller on GMX has placed a large bet of ZAR 224,640,000, expecting the Ethereum price to decrease. However, if Ethereum's price reaches ZAR 36,407.87, this large position will face liquidation, showcasing the risky nature of high-stake cryptocurrency investments.

Ethereum (ETH), the globe’s second-largest digital currency, has recently been hovering around the ZAR 34,632 mark. After gaining some momentum last week, Ethereum, alongside Bitcoin and other alternative cryptocurrencies (altcoins), has maintained relative stability over the previous two days. Investors across South Africa and the world are keeping a keen eye on the crypto market for the next potential price increase.

For Ethereum to continue its upward trajectory, it must first surpass a substantial resistance level just above ZAR 37,440. Esteemed crypto analyst Ali Martinez pointed out the significant hurdle Ethereum faces based on data insights from IntoTheBlock. “The most notable resistance barrier for Ethereum lies between ZAR 37,440 and ZAR 38,611.

Within this range, 832,640 addresses have purchased over 26 million ETH. Should Ethereum successfully breach this resistance, we could anticipate a rally to ZAR 43,617 and potentially even ZAR 51,480,” he reported. In recent days, Ethereum has been showing strong price fluctuations around the ZAR 35,574 levels, leading to a fierce competition between the market bulls and bears. On a different note, Ethereum’s supply on crypto exchanges has been on a decline, whereas non-exchange addresses have consistently been accumulating more ETH.

Santiment, a reputable on-chain data provider, shed some light on the situation. While the Ethereum price is currently trending downwards, this could present a golden opportunity for buyers in South Africa and globally to take advantage of the dips, given the current technical setup. Earlier this week, on Monday, June 26, renowned crypto journalist WuBlockchain reported a high-stakes gamble by a large-scale investor on GMX.

“The most substantial short seller on GMX used a leverage of 6.6x to short Ethereum at an entry price of ZAR 31,890.58, and has since lost nearly 70% of over ZAR 22,464,000. If the ETH price reaches ZAR 36,407.87, its short position of approximately ZAR 224,640,000 in ETH will be threatened with liquidation.” These significant investors placed a sizable ZAR 224,640,000 bet on the premise that Ethereum’s price would decrease. They believe this situation offers profit-making opportunities if the price drops. Conversely, should the market move in the opposite direction, they could face considerable financial losses. This situation serves as a pertinent reminder of the high-risk, high-reward nature of cryptocurrency investments.

Title: Key Ethereum (ETH) Price Predictions and Stake Amounts in South African Rand (ZAR)

DescriptionZAR Value
Current ETH price levelZAR 34,632
Resistance level to breakZAR 37,440
First potential upswing after breakZAR 43,617.60
Highest potential upswing after breakZAR 51,480
Entry price for GMX short-sellerZAR 31,890.58
Amount lost by GMX short-sellerZAR 22,464,000
GMX short position risking liquidationZAR 224,640,000
The table represents the key price points for Ethereum (ETH) and the stake amounts involved in a large-scale short position, all converted to South African Rand (ZAR).

Caption: *All currencies in the article have been converted to the South African Rand

Visited 1 times, 1 visit(s) today

Stay ahead in the financial world – Sign Up to Rateweb’s essential newsletter for free. Get the latest insights on business trends, tech innovations, and market movements, directly to your inbox. Join our community of savvy readers and never miss an update that could impact your financial decisions.

Do you have a news tip for Rateweb reporters? Please email us at


Start trading with a free $30 bonus

Trade stocks, forex, commodities, metals and CFDs on stock indices with an internationally licensed and regulated broker. For all clients who open their first real account, XM offers a $30 trading bonus without any initial deposit needed. Learn more about how you can trade over 1000 instruments on the XM MT4 and MT5 platforms from your PC and Mac, or from a variety of mobile devices.


Personal Financial Tools

Below is a list of tools built to assist South Africans to make the best financial decisions:



South Africa’s primary source of financial tools and information

Contact Us


Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.