$ETH Long Liquidation at $3470.74: Ethereum ($ETH) saw a major long liquidation at $3470.74, with traders losing $9.7181K. This is a significant level that indicates a shift in market sentiment. When a long position gets liquidated, it usually means that the market was unable to sustain upward momentum, leading to a sharp price drop.

What’s Next for $ETH.

After a liquidation like this, the market typically reacts in two ways.

1. Potential Pullback. We could see a short-term drop as the market digests the liquidation. This often leads to increased volatility, as traders reassess their positions.

2. Consolidation or Recovery. Ethereum might consolidate and stabilize at lower levels before making another attempt to push higher. Alternatively, if strong demand continues, $ETH could begin to rally again after shaking off the liquidation pressure.

Key Levels to Watch.

Buy Zone Entry Level.

Look for a buy zone around $3200 - $3250. This range could act as a support area where buyers may step in, potentially leading to a bounce. Ensure there’s some confirmation before entering, such as a candle pattern or a break of key resistance.

Target Profit Zone.

$3700. This is a key resistance zone. If $ETH breaks above this level, it could easily aim for $4000. So, plan for a gradual target approach, aiming for smaller gains as price moves up.

If momentum is strong and price breaks $3700, the next target could be around $4100 - $4200, as these levels represent psychological resistance points.

Stop Loss Risk Management.

Set your stop loss around $3100 - $3150 to limit risk. A drop below this level could signal a further bearish trend, and it’s better to cut losses rather than hold through potential deeper declines.

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