$ETH A Massive $10.225K Short Liquidation Hits Ethereum at $3411.59.

The crypto markets just witnessed a thunderous moment as Ethereum ($ETH) surged to a critical level of $3408.38, wiping out $10,225 worth of short positions in a flash.

This liquidation marks a pivotal moment, signaling intense volatility and market excitement as bullish momentum takes the reins.

What Happened.

Short Liquidation: Traders who bet against Ethereum's price increase (short positions) were forced to exit their positions as ETH broke through resistance levels and surged upward.

Trigger Point: The liquidation price of $3408.38 was likely due to a significant resistance zone, where the buying pressure overwhelmed sellers.

Market Dynamics: The event shows bulls flexing their muscles, causing shorts to squeeze and further fueling upward price movement.

What Does This Mean.

For Bulls: The breakout past $3408.38 signals potential bullish continuation, with Ethereum targeting higher levels if momentum sustains.

For Bears: Short traders must tread cautiously, as Ethereum's strength might lead to more liquidations above resistance zones.

Technical Outlook for $ETH

Support Levels: $3280 and $3150 could act as immediate supports if the price retraces.

Resistance Levels: $3500 and $3650 might be the next targets for Ethereum bulls.

Momentum: With significant short liquidations, momentum indicators are likely overbought, signaling a temporary cooling-off period.

Action Plan.

Bulls: Consider accumulating ETH on dips near support zones with targets above $3500.

Bears: Avoid heavy shorting until clear rejection signs at higher resistance levels.

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