$ETH Liquidated Short: $603K at $3389.99! 🚨
Ethereum has just seen a major liquidation event with a $603K short position getting wiped out at $3389.99! This indicates strong upward momentum, as shorts are forced to close, pushing prices even higher. Let's take a closer look at what's happening and what to do next.
Support and Resistance Levels:
Support Levels:
$3200
$3100
$3000
📊 Resistance Levels:
$3400
$3500
$3600
Market Analysis:
The short liquidation suggests buyers are in control, and the price could see further upside if it breaks through the $3400 resistance level.
However, the market could face some resistance near $3500, which might cause a temporary pullback.
Next Steps:
✅ Buy Signal: If $ETH ETH breaks above $3400 and holds, it could lead to a continuation towards $3500 and beyond. Consider entering above this level for potential gains.
🚫 Sell Signal: If ETH fails to break the $3400 resistance and starts to pull back, a short-term sell or profit-taking strategy could be considered, especially near the $3500 resistance level.
Caution:
= ETH is highly volatile. Always manage risk and use stop-loss orders to protect your capital.
Conclusion: Watch for a breakout above $3400 for potential buying opportunities, but keep an eye on resistance levels for signs of reversal. Happy trading!