Ethereum Faces Pressure at High Levels: Key Breakthrough Determines Future Direction
Ethereum has formed a double top resistance near $3672, with a daily close showing a long upper shadow, indicating strong selling pressure at high levels. The upcoming trend will depend on the contest at the $3600 level—if a strong breakthrough occurs, it may challenge previous highs again; conversely, if it remains under pressure, the market may enter a phase of consolidation.
Key Support and Downward Risks
Currently, $3400 has become an important short-term support. If this level is breached, the market may further test the $3280-$3300 range. However, if consolidation leads to a buildup of strength, Ethereum still has a chance to launch a final upward attack, targeting the $3800-$4000 area.
Beware of Deep Pullbacks After Highs
Although there is still potential for a short-term surge, investors need to remain cautious. The market often experiences significant pullbacks after hitting high levels. It is advisable to adopt a flexible strategy, ensuring that potential gains are not missed while also being prepared for possible reversal scenarios.
