Ethereum (ETH) is trading at around $3,065, with a 24-hour trading volume of $30 billion. The price has climbed 9% in the last day and 4% over the past week.<\/p>\n
ETH is now sitting near a key level that could decide its short-term direction, as traders keep a close eye on $2,800.<\/p>\n
Crypto analyst CryptosRus said<\/a>,<\/p>\n \u201c$ETH is sitting right on $2,800, one of the biggest support zones on the chart.\u201d they added, \u201cHold it \u2192 room back to $3,300 and even $3,900. Lose it \u2192 volatility at $2,500 HVN, then a real shot at $2,300.\u201d<\/p>\n ETH has rebounded after recent weakness, but it remains close to this key zone. Price charts show a bullish candle on the daily close, though a clear breakout is still needed. Traders are watching the higher low trendline for confirmation of a push toward $3,700. For now, short-term setups on smaller timeframes are driving activity.<\/p>\n Data from Binance shows Ethereum\u2019s leverage ratio at an all-time high of 0.57, according<\/a> to CryptoOnchain. This means many traders are using borrowed funds. At the same time, open interest has dropped to $6.6 billion, which suggests \u201ca lot of froth already flushed out<\/em>.\u201d<\/p>\n Notably, this creates a mixed setup. High leverage increases risk, while the drop in open interest shows that many weaker positions may have already been cleared. Traders are warning that the current build-up could lead to sudden price moves if the market reacts sharply near current levels.<\/p>\n CRYPTOWZRD shared<\/a> that the $3,055 level is now an important intraday resistance. They explained that ETH recovered well but may be forming a double-top.<\/p>\n \u201cA bearish pullback and then a bullish move again will offer a quality long setup, otherwise there may be a fake-out,\u201d they said.<\/p>\n The next lower support is around $2,880. If the asset holds there and finds buyers, traders may look for long entries.<\/p>\n On higher timeframes, ETH is forming a bullish wedge and inverse head-and-shoulders, based<\/a> on recent analysis reported by CryptoPotato<\/em>. These patterns are being tracked by traders expecting a breakout above $4,500.<\/p>\n Meanwhile, institutional buying is also active. BitMine, linked to Tom Lee, recently purchased<\/a> over 30,000 ETH\u2014worth close to $92 million. This shows growing interest from larger players, even as the market tests a critical zone.<\/p>\n The post Ethereum (ETH) Bulls or Bears? This Major Level Holds the Answer<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Ethereum (ETH) is trading at around $3,065, with a 24-hour trading volume of $30 billion. The price has climbed 9% in the last day and 4% over the past week. ETH is now sitting near a key level that could decide its short-term direction, as traders keep a close eye on $2,800. $2,800 Support May […]<\/p>\n","protected":false},"author":0,"featured_media":117554,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-117553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/117553"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=117553"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/117553\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/117554"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=117553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=117553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=117553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}High Leverage Meets Lower Open Interest<\/h2>\n
Short-Term Levels and Chart Patterns<\/h2>\n