Ethereum Range Trade Opportunity and Short Liquidations

·    March 29, 2023

·      March 29, 2023

·    March 29, 2023

The crypto market remains sideways even after the rally between Tuesday and Wednesday.

And Ethereum is no exception.

We’ve seen ETH trade below $1,840 since testing it on the 18th, and we have similarly strong support at $1,715.

We also saw Ethereum testing the September 2021 trend line at $1,680 on Monday, a must-hold level for bulls.

So we have a well-defined ETH range between $1,715 and $1,840.

Given this range and the short liquidations that have developed at $1,870, I wouldn’t be surprised to see a quick pump above range highs to flush shorts.

eth short liquidations
ETH liquidation heatmap

Liquidation clusters like the one above often act as magnets, especially in ranging markets.

Whether that becomes a deviation or not will depend on how ETH reacts to $1,840.

If we see a break and hold above $1,840, the $2,030 resistance could be next.

Of course, a break above $1,840, followed by a close back below, would confirm a bearish deviation and likely send ETH back to $1,700.

We also have a minor area to keep an eye on between $1,785 and $1,790 to keep an eye on this week.

ETH reclaimed the level as support on Wednesday, so any higher time frame close below would set up a minor deviation for a move back to $1,715.

I’m still cautiously bearish on crypto while Bitcoin is below the $29,000 macro resistance, but I’m also open to playing the range while it exists.

ETH key levels
ETHUSDT 4-hour time frame

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