Ethereum is showing signs of a major breakout after flipping a corrective price channel, with technical analysis suggesting the start of Wave 3 of an impulsive rally. Analysts project a minimum target of $2,624.14 with potential extension to 261.8% Fibonacci levels, while recent price action swept range highs and captured liquidity.
The US Supreme Court struck down President Trump's emergency tariffs under IEEPA on February 20, creating uncertainty around $175 billion in potential tariff refunds. Bitcoin traders are now forced to price this economic uncertainty similarly to surprise interest rate changes while monitoring social media for policy updates.
Bitcoin's funding rates have dropped to -6%, indicating heavy short positioning in derivatives markets. Combined with rising open interest and liquidations, this setup suggests potential for a short squeeze if the market moves against bearish positions.
Bitcoin's drop below $66,000 triggered $267 million in crypto liquidations over the past day, with $190 million specifically from long positions. This mass liquidation event caught leveraged traders off guard as the market experienced a significant pullback.
Technical analyst Ali Martinez identifies key Solana support levels at $50, $22, and $10 based on a Parallel Channel pattern in SOL's weekly price chart. The analysis suggests these levels could provide support if Solana continues declining from its recent rejection at the channel's upper resistance.
Bollinger Bands technical analysis indicates that purchasing Bitcoin before it reaches $54,420 presents high risk for investors. This price level represents a potential buying opportunity that hasn't been seen since 2022.