Ethereum experienced a brief surge this week, pushing above a key resistance region at $3.5K. However, the gains were short-lived, with significant selling pressure pushing the price back down. The lack of sustained momentum raises concerns about a potential rejection. Ethereum's future price action hinges on its ability to break above $3.5K decisively. If successful, it could signal a continuation of the bullish trend towards $4K. Otherwise, a rejection could lead to heightened volatility and a potential drop back to the $3K support level.
Ethereum experienced a surge this week, briefly breaking above a key resistance region. However, it lacked sufficient momentum, appearing to be a false breakout.
Continuing the bullish trend will be possible if the asset successfully breaks above these key thresholds and ultimately reclaims the $3.5K juncture. Otherwise, a rejection could lead to heightened volatility and a potential price drop.On the lower timeframe, ETH gained momentum after bouncing from the 0.5-0.618 Fibonacci retracement zone, successfully breaking above a descending wedge pattern. Such a breakout often signals a potential bullish continuation, shifting sentiment in favor of buyers.
The upcoming price action will be crucial; if Ethereum finds support at this trendline and completes a pullback, the bullish structure could remain intact, leading to another push toward $3.5K. Conversely, if demand remains weak and buyers fail to step in, the market could face a deeper correction, potentially targeting the $3K support level again.The Binance liquidation heatmap offers valuable insights into areas where substantial liquidation events are likely to occur.
ETHEREUM PRICE ANALYSIS RESISTANCE LEVELS BULLISH TREND LIQUIDATION
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