Resistance and Seller Presence: Ethereum has faced strong seller resistance at $4,000, which was evident in the recent price action. This indicates that buyers may be eyeing a pullback to the $3,500 support level for possible re-entry.
Technical Insights: Technical analysis suggests a double-top bearish reversal pattern. As Ethereum currently fluctuates between $3,500 and $4,000, a breakout is expected as the market stabilizes after this consolidation phase.
On-chain Analysis and Liquidation: On-chain data reveals significant liquidation levels just above $4,000, attracting institutional interest. This clustering of liquidity could trigger a bullish breakout if prices move above the $4,000 mark.
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