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September Market Alert: Key Levels Traders Must Watch to Avoid Heavy Losses
Three significant altcoins—Ethereum (ETH), Binance Coin (BNB), and MYX Finance (MYX)—are being closely watched by traders as the third week of September progresses because they are exhibiting indications of increased liquidation risk. Investors must control risk and make prompt decisions since market analysts caution that abrupt volatility and steep sell-offs could jeopardize leveraged positions. Given how erratic the cryptocurrency market is, it is crucial for both short-term traders and long-term investors to comprehend the current price patterns and support levels of these cryptocurrencies.
Ethereum Reserves Surge to 4.9M ETH as Bulls Increase Leverage
Ethereum reserves hit a new high of 4.9 million ETH, or $22.2 billion, by the middle of September. This amount does not include the $46.3 billion in 6.7 million ETH owned in Ethereum ETFs. According to on-chain analytics, Ethereum’s price may rise to $5,000 or more. That sentiment seems to be shared by derivatives traders, who increase leverage and take long bets. This implies that if ETH moves against expectations, its losses will be larger.
Binance Coin Breaks Records as Institutional Adoption Gains Momentum
In September, Binance Coin (BNB) hit a record-breaking $944. Following the announcement of a new collaboration between Binance and Franklin Templeton to create blockchain and cryptocurrency solutions for institutional adoption, the rally took place. Similar to ETH, there is an imbalance between long and short positions on BNB’s seven-day liquidation map. The preponderance of long liquidations indicates that many traders are placing bets on sustained profits.
MYX Finance Pullback Could Trigger Heavy Losses
One of the most contentious rallies of September was held by MYX Finance (MYX). According to data, the token increased 450% over the previous month. MYX has encountered criticism, meanwhile, including claims of Sybil assaults during its airdrops and concerns about a collapse akin to Mantra’s (OM). The coin has already experienced a more than 40% collapse, falling from its peak value of $18.9 to $10.9. This reversal implies that feeling fueled by FOMO has subsided. Derivatives traders are therefore inclined to take short bets. According to the 7-day liquidation map, short sellers will suffer greater losses if they are mistaken.
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