$ETH just experienced a significant long liquidation of $8.5746K at a price of $3273.99.

This could signal some interesting moves in the market, and here's the breakdown for traders looking for the next steps.

Current Situation:

Price Action: ETH has recently reached $3273.99, which might indicate a correction after the liquidation event.

After a liquidation, we often see a market bounce or pullback, depending on the overall sentiment.

What’s Next.

Potential Pullback: After such a liquidation, ETH might face some downward pressure as liquidated positions are processed.

However, this could also be an opportunity for smart traders to buy the dip if the market shows strong signs of recovery.

Buy Zone:

Ideal Entry Range: The best buy zone could be between $3100 - $3200. This is a reasonable level to enter, especially if ETH shows signs of stabilizing here.

Look for signs of support forming at these levels before entering a trade.

Target:

Short-Term Target: After buying in the range mentioned above, the next target could be $3500 - $3600, as ETH tends to move higher after a recovery following such liquidation events.

Long-Term Target: If ETH continues to show strength, a further target of $4000+ could be in play, but that will depend on market conditions.

Stop Loss:

Risk Management: A sensible stop loss would be placed below the recent support around $3000 to minimize potential losses if the market goes against the position.

This would be around a 3-5% loss from your entry point, depending on where you enter.

Summary:

Buy Zone: $3100 - $3200

Target: $3500 - $3600 (short-term) and $4000+ (long-term)

Stop Loss: Below $3000

Conclusion:

Keep a close watch on Ethereum’s price movement. If it holds support around the buy zone, it could be a great opportunity for a bounce towards higher targets.

Always ensure you manage your risk with proper stop loss levels and consider the volatility of the market.

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