Ethereum $3,121.78.
Recently, a significant short position worth $50,430 was liquidated at the $3,125 mark, indicating a potential shift in market sentiment.
Technical Overview:
Moving Averages: The 10-day simple moving average (SMA) is around $3,113.68, suggesting a neutral trend.
Relative Strength Index (RSI): The RSI is at 50.87, indicating that ETH is neither overbought nor oversold.
Suggested Trading Strategy:
Buy Zone: Consider entering a position between $3,100 and $3,150.
Target: Aim for a target price of $3,250, aligning with recent resistance levels.
Stop Loss: Set a stop loss at $3,050 to manage potential downside risks.
Key Considerations:
Market Volatility: Cryptocurrency markets are known for their rapid price changes. It's essential to monitor price movements closely.
Risk Management: Always use stop-loss orders to protect your investment from unexpected market downturns.
Continuous Monitoring: Stay updated with the latest market news and technical indicators to make informed decisions.