Ethereum (ETH) Attempts Rebound After Large Liquidation... Potential to Reach $2200

# Ethereum Faces Major Liquidation Amid Recent Surge New York – Ethereum (ETH) faced a significant liquidation event recently, according to CoinPedia on the 12th (local time). # Whale Triggers Large-Scale Liquidation Lookonchain reported that a large investor, often referred to as a whale, liquidated a total of 162,340 ETH, valued at approximately $306 million. The whale's average purchase price was around $1,900, and the liquidation price was set at $1,805. As Ethereum's price dropped below $1,805, the sizeable position was forcibly liquidated. # Rapid Recovery Indicates Potential Upside Despite the selling pressure, Ethereum quickly rebounded, climbing back above the $1,900 mark. Historically, this price range has acted as a strong support level, suggesting a possibility of further upward movement. # Technical Analysis: Potential to Reach $2,200 Currently, technical indicators show bullish signals for ETH. The Relative Strength Index (RSI) is trending upwards, hinting at a potential price reversal. Recently, while Ethereum's price formed lower lows, the RSI created higher highs, indicating strong buying pressure. Analysts suggest that if the $1,800 support level holds, Ethereum could potentially rise 15%, reaching up to $2,200 in the short term. # Key Liquidation Levels and Investor Positions On-chain data analysis firm Coinglass highlighted that the key liquidation levels for Ethereum are currently around $1,835 at the lower end and $1,970 at the upper end. Particularly, long positions amounting to approximately $585 million are maintained, which could strengthen buying support for Ethereum's price. In summary, Ethereum has managed to defend the crucial $1,800 support level despite the substantial liquidation. Considering the key trading ranges and investor positions, there is a short-term potential for Ethereum to break through the $2,000 to $2,200 range.