Ethereum Price Hits Crucial Resistance Zone, Can Leverage Traders Trigger Breakout?
Key Insights:
- Ethereum price tests a major resistance zone first identified in June.
- Heavy short positions around $1,950 could shape ETH’s next move.
- Bollinger Bands squeeze points to a possible rise in market volatility.
Ethereum price is testing a resistance area that traders have watched since June. At the same time, many leveraged short positions remain around $1,950. Another chart also shows a Bollinger Bands squeeze on the daily timeframe. Together, these signals have put ETH crypto in focus as traders wait for the next price move.
Ethereum Price Reaches Resistance Zone Watched Since June
Ethereum price has moved into a resistance zone that a market analyst, MCO Global, first pointed out in June. The level is now getting fresh attention as buyers try to keep the recent recovery going.
The market analyst said the latest rise still appears to be a corrective three-wave move. That means the market has not yet shown enough strength to confirm that a new uptrend has started. In the same view, the wider bear market is still in place.
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