Ethereum's current position is quite subtle; the trading volume on exchanges in South Korea has decreased, but mainstream coins like XRP and ETH are still at the forefront, indicating that interest remains.
However, looking at the liquidation data for $ETH , the global liquidation amount in the last 24 hours is considerable. The liquidations of long positions on Ethereum are noticeably higher than those of short positions, especially in the four-hour and twelve-hour data, indicating that during this wave of fluctuations, many bullish traders have been shaken out.
This often signifies a shift in market sentiment, but it hasn't completely turned in one direction.
Based on previous analysis, the key positions remain unchanged.
Whether it can break through 3179 with volume above, and whether 3157 will break down with volume below, these two points determine the short-term direction.
If it continues to oscillate in the middle, it is likely still in a flag-shaped consolidation, but once a direction is chosen, volatility may increase.
Overall, the feeling is that the market is currently at a node of intense long-short competition, and the overall direction has not yet emerged.
In terms of operations, don't rush to place bets; wait for it to show clear signals on its own.
Remember, before the key support and resistance levels are broken, all rises and falls could be false moves.
