📣 Market commentary:
🔴 Last night's market was a big blow to some short-selling investors who did not set stop-loss orders, with a total liquidation amount of up to 110 million.
🔴 Looking at the daily chart, we can see that the price $ETH may encounter a pullback in the near future.
🔴 Although news about the upcoming 23rd has started to appear, before the news was officially announced, I did not think about Ethereum being able to surpass a new high and reach the price level of 4,000.
🔴 From a technical analysis perspective, last night's gains took the ETH price directly off the moving average, which typically means the price could experience one or several bearish reversals.
🔴 Hopefully the retracement will be deep enough to bring the price back close to the moving average.
🔴 In the short term, I believe the support zone for Ethereum lies around 3250, a relatively important price level that could cause further declines if the price drops below this level.
🔴 Short-term resistance lies at 3650. If the price can successfully overcome this level, it could continue to test higher levels on the upside.
‼️ This is just my opinion, not investment advice. So everyone, please equip yourself with complete knowledge when investing in this market.
🍀 Wishing everyone a successful investment.
