Ethereum $ETH recently experienced a significant long position liquidation of $60.3K at $3,326.60, indicating a notable market movement.
Support and Resistance Levels:
Immediate Support: $3,272.62
Second Support: $3,227.00
Immediate Resistance: $3,398.51
Second Resistance: $3,478.78
Market Outlook:
The recent liquidation $ETH suggests increased selling pressure around the $3,326.60 mark.
Currently, ETH is trading near the immediate support level of $3,272.62. A breach below this could lead to further declines toward the second support at $3,227.00. Conversely, if ETH rebounds and surpasses the immediate resistance at $3,398.51, it may target the next resistance at $3,478.78.
...Recommendation:
1=Given the current market dynamics, it's prudent to adopt a cautious stance.
2=Consider waiting for a clear breakout above $3,398.51 before entering a long position.
3= Alternatively, if ETH falls below $3,272.62, it may present a shorting opportunity. Always employ appropriate risk management strategies and stay updated with market trends.
***Disclaimer:
This analysis is for informational purposes only and should not be construed as financial advice. Always conduct your own research before making any trading decisions.