Ethereum News: Ethereum Leverage Surges as Bulls Eye Critical Breakout

The $3,390 Level Bulls Must Conquer

There is no consensus on the course of action. Trader Scient suggests that ETH appears structurally more likely to be better than Bitcoin. Over a four-hour period, roughly 2,800 forces repeatedly reinforced and recaptured the support base. Bulls desire new purchasers in case that level retests. This would open up to $3,050 first.

The large liquidity pocket is at the level of about $3,390. That area coincides with the annual open. It also corresponds with a fair value disparity and high-period resistance region. The majority of watchers believe that ETH has to clear this level. It depends on confirmation of momentum.

Price may rebound to the 3,300s as Kingpincrypto12 tweeted on X. The analyst anticipates a possible dump during the Thanksgiving weekend. Ethereum Santa could kick off in December. The Sunday or Monday scopes of long positions are being scoped.

You might also like: Ethereum News: Ethereums MVRV Z-Score Flashes Buy Signal as ETFs Surge

Analysts Remain Split on Direction

Some traders are still cautious. Ken of Lab Trading cautioned that ETH was repeatedly rejected. The 100-EMA four-hour barrier has been a hard nut to break. Downside extension is still possible unless ETH pops up in support above $3,000.

Kingpincrypto12 emphasized the present arrangement as an ideal springboard. The 0.618 retracement tap gives hope of a December push. Bitcoin hegemony is wearing out. During this time, there is a historical seasonal favor in ETH flows.