$ETH Liquidation

Ethereum (ETH) saw a $114K long position liquidated at $3,713.60, signaling a potential reversal in the market.

This sudden liquidation suggests that the bullish momentum may be facing resistance, with buyers losing steam at this level.

Next Move:

1. Watch for Potential Downtrend:

$ETH ’s liquidation at $3,713.60 could lead to a pullback towards $3,600 or even $3,500, with key support levels to monitor at these zones.

If $ETH fails to maintain above these levels, it could enter a bearish phase, targeting lower supports near $3,400 or $3,300.

2. Assess Market Sentiment:

Market psychology could shift from optimism to caution. Watch out for an increase in short positions, which may trigger a correction.

Rising open interest could indicate an over-leveraged market, increasing the risk of further liquidations.

3. Risk Management:

Tighten stop-loss orders around $3,750 to protect any existing positions.

For those looking to short, $3,700 - $3,750 could present an ideal entry point, especially if price fails to break resistance.

This liquidation signals potential caution ahead keep a close eye on price movements to navigate this shift.

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