A significant event has occurred in the Ethereum $ETH Hmarket: a short position worth $1.34 million was liquidated at $3,337.99. This suggests a strong upward movement, forcing short sellers to exit their positions.
Support and Resistance Levels:$ETH
Immediate Support: $3,196.45
Immediate Resistance: $3,591.75
Next Resistance: $3,742.87
Further Resistance: $3,987.06
These levels are crucial for anticipating potential price movements.
Recommendation:
Given the recent liquidation and current price action, the market exhibits bullish momentum. However, the proximity to the immediate resistance at $3,591.75 suggests limited short-term upside potential.
Therefore, it is advisable to hold existing positions and refrain from initiating new buys until a clear breakout above the $3,591.75 resistance is confirmed.
. This approach balances the opportunity to capitalize on upward movement while mitigating the risk of a potential pullback.
Disclaimer:
This analysis is for informational purposes only and should not be considered financial advice.
. Always conduct your own research before making investment decisions.*