Ethereum price trades inside the $3,054 to $4,095 range on the four-hour chart. A sweep of the sell-side liquidity seems likely before ETH attempts to move $4,000. In some cases, ETH could sweep the rang high at $4,095. Ethereum price looks ready for an ascent, at least from a breakout traders’ perspective. But this isn’t always the case as market makers or smart money tends to collect liquidity in the opposite direction first. So, eager ETH bulls need to exercise patience.
In this case, ETH has produced higher highs since forming the range low on March 20. Hence, a breakout above $3,574 and $3,658 is likely to be short-lived, i.e., a correction might ensue soon. A sweep of $3,461 could be a good place to enter longs, provided Bitcoin is also done with its short-term liquidity collection. In such a case, ETH is most likely to rally higher, overcome the $3,658 hurdle and eye a retest of the $4,000 psychological level.
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