$ETH just saw a massive short liquidation of $67.923K at the price of $3372.72. This means that traders betting against ETH (short positions) have been forced to cover their positions as ETH surged past this price point, causing a lot of liquidations.

Here’s a quick breakdown of what might happen next:

Buy Zone:

Ideal Entry Point: Look for a potential buying opportunity around $3200 – $3300. If the price retraces to these levels, it could present a good buying opportunity for the next leg up.

Watch for support around $3200. If ETH maintains above this price, it could be a signal for further bullish momentum.

Target:

Short-term Target: The next major resistance zone is around $3500 – $3600.

Long-term Target: If the bullish trend continues, ETH could eventually target $4000 or higher, depending on market conditions and demand.

Stop Loss:

Set your stop-loss just below the $3200 mark to limit potential losses. A stop around $3100 would provide a safe exit if the market turns against you.

Why This Is Important:

Short Liquidations create buying pressure as liquidated positions must be bought back to cover, which can push the price even higher.

Keep an eye on the overall market sentiment, news, and any changes in Ethereum’s network upgrades or regulations that could impact price movements.

Final Thoughts:

ETH’s price could continue to surge as long as it holds key support levels. It’s essential to be cautious and monitor the price action closely. Use the buy zone as an entry, keep an eye on the target levels, and manage risk with a stop-loss.

Keep your trading strategy clear, and let the market do its thing.

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