$ETH Horizontal range: Long positions trapped, will the short path continue?
Currently, $ETH is in a critical horizontal range, which is also where most long positions are trapped. If the short trend continues to dominate, then the dealer may take a strong selling strategy next, first pushing the price down to 2600 to liquidate those long positions trapped in the 3250 area. Subsequently, the target may continue to drop to 3100, further clearing the trapped long positions.
However, if the price breaks through 3120, it will mean that the short offensive is encountering a reversal, and the market is likely to welcome a strong rebound, with the target possibly pointing directly to around 3700. The breakthrough of this key price level may trigger a significant rise, further igniting more market sentiment.
In short, the current trend of $ETH is filled with the tension of speculation. If the shorts continue to dominate, the dealer may clean up the trapped long positions through deep selling; but if it breaks through 3120, we will welcome a bullish trend, targeting 3700.
