Ethereum (ETH) is steadily rising as it approaches the significant $4,000 level. The recent breakout above the $3,300 resistance zone opens new opportunities for traders.
Ethereum's Rise and Resistance Level
Ethereum has surpassed the key resistance level around $3,300, supported by increasing trading volumes. ETH's current price is on the brink of $4,000, which is crucial both technically and psychologically. A successful breakout above this mark will pave the way for next resistances near $4,400 or even $4,500. However, if ETH fails to maintain above this area, it may retrace to previous support levels near $3,300.
Market Liquidation Clusters
The aggregated liquidation levels heatmap for ETH shows multiple zones with high concentrations of long and short liquidations. The largest short liquidation clusters appear between $3,900 and $4,100. A price move through this range could trigger forced liquidations, potentially driving ETH even higher. On the downside, long liquidations are accumulating below $3,600, especially around $3,300, which could lead to rapid declines in the event of a correction.
Leverage Increase on Long and Short Positions
The market is witnessing a gradual rise in both long and short positions. The increase in liquidation levels indicates heightened risk on both sides. As Ethereum approaches the $4,000 mark, market participants anticipate greater volatility, and future price movements will depend on the behavior around concentrated liquidity areas.
Market sentiments remain tense, and Ethereum's future movements will be directly influenced by the overcoming of key resistance levels and liquidation events.
