A significant long position in Ethereum
$ETH worth $109,000 was liquidated at $3,352.40, indicating increased selling pressure in the market.
Support and Resistance Levels:
Immediate Support: $3,200 – a previous resistance level that may now act as support.
Immediate Resistance: $3,591.75 – a recent high that could act as a barrier.
Recommendation:
Given the current market dynamics, it's advisable to exercise caution. Consider waiting for a clear breakout above $ETH $3,591.75 before entering a long position, or a breakdown below $3,200 before considering a short position. Always employ appropriate risk management strategies, such as stop-loss orders, to safeguard your investments.
*Disclaimer: This analysis is for
informational purposes only and should not be considered financial advice.
Always conduct your own research before making any trading decisions.
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