$ETH
Support and Resistance Levels:
Immediate Support: Around $3,4036 identified as a potential rebound zone.
Immediate Resistance: Approximately $3,545, serving as a potential barrier to upward movement.
Trend Indicators:
Moving Averages: ETH is trading above the 100-hourly Simple Moving Average (SMA), indicating a short-term bullish trend.
Relative Strength Index (RSI): A test of the support line on the RSI suggests potential for upward movement.
Chart Patterns:
A bullish trend line is forming, indicating potential support around $3,455.
Market Sentiment:
The liquidation of a significant long position suggests heightened market volatility. Recent data indicates that over $1 billion in leveraged positions have been liquidated across the crypto market, with long positions accounting for the majority.
Conclusion:
The liquidation at $3,440.92 highlights the importance of monitoring key technical levels and market sentiment. Traders should exercise caution, considering the current volatility and the potential for further price fluctuations.
Note: Cryptocurrency markets are highly volatile.
Conduct thorough research and consider risk management strategies before making trading decisions.