Ethereum Long Count Hits Fresh High, Fueling Fears of a Liquidation Cascade

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Ethereum is consolidating following its major upswing seen over the past couple of days This consolidation phase comes as BTC and most top altcoins lose their momentum Where ETH trends next will likely depend on its reaction to its range highs at $250 The number of ETH longs on Bitfinex just set another fresh all-time high This is fueling some fears surrounding a possible “cascade” of liquidations, similar to that seen with Bitcoin in March Any sharp downside movement could catalyze this bear-favoring occurrence Ethereum and the crypto market are currently taking a breather following the immense volatility seen yesterday. The crypto is currently consolidating just below its range highs of $250. Buyers have yet to break above this level, as there does appear to be resistance here. One veteran trader is noting that ETH was able to post a notable breakout against its Bitcoin trading pair yesterday. This could…

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