ETH is facing resistance at the 3500 mark tonight 📉 After three attempts to break through, a significant pullback is about to begin ⁉️
The pressure zone resembling a head and shoulders pattern has been marked for you, and you need to pay close attention to the area between 3430 and 3480 ❤️🔥❤️🔥
Although Ethereum has started a round of catch-up, it has been performing very weakly recently, lagging significantly behind Bitcoin even during this rebound, with overall buying volume being very low. Even the ETFs for Ethereum have been showing outflows, which is a very rare event even in a bull market 🤷♂️🤷♂️
The chart below has depicted a pressure zone that has formed a pressure point similar to a head and shoulders pattern, experiencing significant pressure in the 3430~3480 area, and Ethereum has tested this position three times without achieving a breakthrough. From the first test on November 12 to yesterday, there have been two consecutive tests that could not achieve effective breakthroughs. Three attempts at the 3500 mark have failed, resulting in three rounds of pullbacks 📉
So this time you still need to pay attention to this pressure zone, since such clear indications have been given, it is not advisable to speculate with conspiracy theories; instead, focus on the breakthrough situation of this pressure zone between 3430~3480. If it fails to break through, a pullback will inevitably begin, as this pattern is very similar to a micro-breakout pattern. Only after breaking through this major pressure zone can Ethereum potentially experience a real large-scale catch-up ⚠️⚠️