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#ETH# update
I have told you many times that once ETH reaches the 4000-4100 range, the resistance will not hold again, so it would be wiser not to short-sell at that resistance - and here we are with ETH reaching $4327 without any pullback so far.
Now let's take a look at ETH in terms of technical analysis, liquidity, and CVD indicators to formulate a plan.
Technical Analysis
The extension -1.618 from the range of Monday is at 4361.
The 1.618 extension of the recent decline is at 4310.
The first extension for the range 21xx-39xx is between 4152 and 4335.
The level 0.886 of the course (4878-878) is at 4422.
4377 is the highest level in May 2021.
This shows that the 4300-4400 range has the potential to pull back in the short term. I wouldn't want to use this range to place short positions, but rather to take partial profits from long positions in the short term.
In case of a pullback, I will add to the long position in the range of 4000-4100, and at 38xx if ETH gives that opportunity.
Filtering Analysis
The first long liquid area is at 4134. I don't think the area around 37xx is significant because liquid areas act like magnets, and I see no reason for a 15% pullback now. We will reconsider that if ETH falls below 4000.
Segmentation Analysis
The real short sale ratio is at 53.56%, down from 56.66%. The difference between whales and retail traders is significantly high and open interest is also on the rise. This means that retail traders are still trying to short ETH while whales are buying. If this trend continues, there will be more potential for increased short selling pressure.
Summary
I believe that ETH is destined to reach at least ATH and maybe up to 5,000 or more before the end of the month. September is likely to correct and retest 4,100, or the ATH level (4878) depending on how high it goes.
However, if you have long positions in LTF, you can make some profits here between 4300 and 4400. #Gate & WLFI USD1 Points Program# #Trump Allows 401(k) Crypto Investing# #Join Copy Trading Share to Win $2,000# #Gate & WLFI USD1 Points Program #