ETH risk is less than 3 thousand dollars after the last rejection

Ethereum has seen a boom this week, briefly broken over the main resistance area. However, it lacks adequate momentum, and it appears to be a wrong break.

If ETH faces a deeper rejection of the current levels, you may track low prices.

Technical analysis

by Shayan

Daily chart

Ethereum has seen a strong batch of buyers in the support range of $ 3,000, pushing the price slightly higher than a large resistance area. This main area includes:

• The moving average for 100 days at 3.3 thousand dollars
• The upper limits of science ascending at 3.4 thousand dollars

Although these levels are cleared, ETH faced significant sale pressure at $ 3.5,000, highlighting insufficient purchase. This wrong penetration raises concerns about the potential rejection.

The continuation of the upward trend will be possible if the original succeeds in a fracture over these main thresholds and ultimately restores a 3.5,000 dollar turn. Otherwise, rejection can lead to increased volatility and potential low prices.

The graph for 4 hours

In the low time frame, ETH gained momentum after bouncing from the retreat area between 0.5-0.618, which succeeded in collapsing over the descending wedge style. Such a penetration often indicates a potential continuity, and turns feelings for buyers.

However, upon reaching the decisive resistance of $ 3.5 thousand, Ethereum faced great pressure for sale, which led to a decline towards the pre -broken trend line.

The next price will be very important; If Ethereum finds support in this direction line and completes a decline, the bullish structure may remain intact, which leads to another batch of about $ 3.5,000. On the contrary, if the demand remains weak and buyers fail to intervene, the market may face a deeper correction, which is likely to target the level of support for 3 thousand dollars again.

ONChain Analysis

by Shayan

The Heatmap Map provides Binance liquidation valuable visions in areas where major liquidation events are likely to occur. Since liquidity tends to serve as a magnet for prices, these levels often become a pivotal points for market movements, as traders seek to take advantage of liquidity scanning operations.

The unification of the last market has created a large range of liquidation levels slightly higher than the main resistance of $ 3.5,000. These levels are compatible with short filtering levels, making it an attractive target for bulls and institutional buyers. Looking at this setting, the ETHEREUM price can be withdrawn towards this liquidity pocket, which increases the possibility of the outbreak of more than $ 3.5,000 in the medium term.

Despite the current lack of strong upward momentum, the 3.5 thousand dollar level is still a decisive battlefield. A decisive step can work over this resistance to the short references that lead to an incentive for more upward trend, and may push Ethereum towards the psychological 4K mark in the upcoming sessions.