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Ethereum has been moving within a tight range, caught between the 100-day MA at $3.2K and the $3.5K resistance.
ETH is currently consolidating in a narrow range defined by the 100-day moving average at $3.2K and the critical resistance zone at $3.5K. The latter also aligns with the upper boundary of a bullish flag formation, reinforcing its significance as a supply zone. A successful breakout above $3.5K would likely trigger a sustained bullish rally, targeting the $4K swing high.
However, the surge encountered resistance at $3.5K, leading to increased volatility and a pullback. Ethereum is now oscillating between the 0.5 Fibonacci retracement level at $3.2K and the wedge’s upper boundary, reflecting market indecision. Ethereum’s Estimated Leverage Ratio has been steadily climbing over recent months, reflecting a growing appetite for high-leverage positions in the derivatives market. This trend coincides with the cryptocurrency’s recent bullish price movements, indicating an overheated market. The current elevated levels of leverage heighten the risk of a short or long-squeeze event, which could result in sharp price swings.
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