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)
|Current ETH price level||ZAR 34,632|
|Resistance level to break||ZAR 37,440|
|First potential upswing after break||ZAR 43,617.60|
|Highest potential upswing after break||ZAR 51,480|
|Entry price for GMX short-seller||ZAR 31,890.58|
|Amount lost by GMX short-seller||ZAR 22,464,000|
|GMX short position risking liquidation||ZAR 224,640,000|
Caption: *All currencies in the article have been converted to the South African Rand