Massive Short Liquidations Fail to Uplift the Ethereum (ETH) Price Above $2000, Yet the Bullish Trend Seems Imminent!

The Ethereum price ever since the infamous market crash in May maintained a descending consolidation. The prices failed to surpass INR 1900 but also held the support levels at $1738 strongly. Despite a couple of bullish indicators, the second-largest crypto remains refrained from a strong bull run. Therefore, what may be waiting for the ETH price in the upcoming days? 

$666 Million Shorts Whipped Out

Ethereum recorded one of the highest short liquidations a couple of hours before of more than $666 million as per the data from Coinglass. Nearly 368,000 positions were liquidated which is said to be the highest in the past 3 years, surpassing the levels of May 2021. 

 The majority of liquidations are said to have been carried out on Bitfinex The price, despite recording huge liquidations, failed to reach $2000 levels and remained restricted below $1900. Raising huge concerns about the upcoming price action. 

Ethereum Price Holding Double Bottom Very Strongly

ETH price is maintaining a descending consolidating pattern since the recent market crash. However, the asset rebounded from the descending pattern from the last few days of May. Additionally, the liquidations fueled the upswing, which is required to reach the immediate resistance. 

The ETH price flipped from the lows just before the end of May’s trade and maintained a significant upswing. The prices are currently slightly elevated and appear to have followed an uptrend line. The price could reach the upper resistance just below $2000 at $1969  and like a previous couple of attempts may face rejection. 

Therefore, the ETH price could continue swinging within the descending consolidation, until the asset reaches the apex. Further, the downswing may be pretty unlikely as the lower support around $1700 may hold the price strongly if required. However, the consolidation may remain extended until a larger boost uplift the price above $2000.