CandleFocus

Ethereum (ETH) Flashing Sell-off Signal, $2,850 Next Target?

Author: Content Editor
Ethereum (ETH) is showing signs of a significant price drop as it has broken out of a bearish Head-and-Shoulders pattern and breached a crucial support level at $3,250. If ETH closes a daily candle below $3,200, experts predict an 11% drop to the $2,850 support level. Currently, the majority of top traders hold short positions, while long positions make up the remaining percentage. Traders are heavily over-leveraged at the major liquidation areas of $3,185.5 and $3,361.9. If the price drops to $3,185.5, approximately $261.01 million worth of long positions will be liquidated. Conversely, if the price rises to $3,361.9, approximately $708.16 million worth of short positions will be liquidated. The strong bearish sentiment in the market has led to reduced trading volume.

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