Crypto price prediction: Ethereum faces key resistance after breaking trendline
In the last 24 hours, Ethereum experienced large futures liquidations totaling about $53.44 million. This means many traders lost money as their positions were automatically closed. Out of this, $27.33 million came from people who were betting ETH would go up (long positions), and $26.11 million came from those who thought it would go down (short positions).
Recently, Ethereum managed to rise above a downward trendline that had been in place since March 24. For the past week, it was trading around $1,600 without much movement. However, once it broke above the trendline, it ran into the resistance level $1,688. This price level has been a strong resistance point, especially since April 9, with many sellers entering the market there.
Ethereum can stay above the trendline and push through the $1,688 resistance, it might continue climbing. The next major hurdle lies at the top edge of a large downward channel that began in December. This area is also reinforced by the 50-day Simple Moving Average, which could make it harder to break through.
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