With a note of caution for enthusiastic Ethereum bulls, the short-term outlook suggests a potential rise to $4,000. On the four-hour chart, Ethereum is currently trading within a range of $3,054 to $4,095.
Before attempting to reach $4,000, it's likely that a sell-side liquidity sweep will occur. While Ethereum has the potential to reach a new all-time high of $4,095, breakout traders should exercise patience as market makers may gather liquidity in the opposite direction first. Despite the allure of Ethereum's pricing, investors should proceed with caution due to the potential for rapid reversals in the cryptocurrency market.
A breakthrough above $3,574 and $3,658 may not be sustainable, with a correction possibly imminent. In the event that Bitcoin has completed its short-term liquidity collection, a $3,461 sweep could present an attractive entry point for long positions, potentially leading Ethereum to surpass $3,658 and aim for $4,000.
Conversely, if Bitcoin fails to recover from its liquidity run, altcoins including Ethereum may experience losses, potentially dropping below $3,054. Confirmation of a downtrend would invalidate the bullish thesis for Ethereum.
#Memecoins #BinanceLaunchpool #BullorBear #BinanceLaunchpool #BullorBear
