Ethereum Approaches $4,400 Resistance: Could Bullish Signals Indicate a Potential Breakout?
Main Idea
Ethereum is testing the $4,400 resistance level with bullish on-chain signals and potential volatility, but high leverage and overbought conditions pose risks.
Key Points
1. Ethereum's price is currently at $4,206, approaching the critical $4,400 resistance level, which has historically triggered reversals.
2. On-chain data shows bullish trends, including a declining all-exchange Exchange Supply Ratio (ESR), indicating reduced selling pressure.
3. High leverage levels on Binance suggest caution, as unexpected market shifts could lead to sharp liquidations.
4. Netflow data highlights significant ETH outflows ($245.57 million on 10 August), suggesting accumulation by whales.
5. Liquidation heatmaps show dense clusters between $4,300 and $4,400, which could accelerate price movements if breached.
Description
Ethereum is currently testing the $4,400 resistance level, supported by bullish on-chain signals and potential volatility ahead. Ethereum’s price is at a critical inflection point, valued at $4,206. Long-term on-chain
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