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Ethereum Approaches Crucial Resistance Near $3,100, Watch for Possible Sell-Off
The analysis indicates that the next resistance level for Ethereum (ETH) could be around $3,100. Sentora (formerly IntoTheBlock) noted that ETH is once again approaching the $3,000 mark, a level it last reached in February of this year. As the price gains, on-chain data suggests that there is little apparent resistance until the $3,100 level is reached. However, once this level is touched, there could be selling pressure, as approximately 4.1 million ETH addresses, which are now in loss, will break even after about six months.
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AI Analysis
The upcoming resistance at $3,100 for Ethereum is a significant technical milestone. Historically, prices approaching such resistance levels often encounter increased trading activity as traders and i...
AI Recommendation
Given the current analysis, it would be prudent for traders to approach ETH around the $3,100 resistance level with caution. Monitoring on-chain activity and market sentiment close to this point can p...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.