Ethereum recently experienced a surge, briefly breaking above a key resistance region at $3.5K. However, it faced significant selling pressure at this level, indicating a potential false breakout. The upcoming price action will be crucial, with a successful break above $3.5K potentially leading to further upside and a push toward $4K. On the other hand, a rejection could result in a deeper correction towards the $3K support level. The formation of a cluster of liquidation levels just above $3.5K suggests that these levels could act as focal points for market movements, increasing the probability of a breakout in the mid-term.



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