Why Ethereum’s run to $3.3K may be false breakout for ETH’s price

rise to $3,300 on the 28th of April returned optimism to the market. However, according to AMBCrypto’s analysis, the joy market participants might have had could be momentary.While we have not been able to track who the exact culprit was, the transfer could affect ETH’s price. This is because a large number of coins sent to exchange usually end up in a sale.Hence, it could be that ETH’s surge in the last 24 hours was a false breakout.

In areas like this, large trades can be executed at relatively good prices. But as soon as orders enter this liquidity, the price mightMoving on, the value of the cryptocurrency might drop once it hits the price mentioned above. However, support lied at $3,276, indicating that ETH might not slip below the level.

On the other hand, a negative CLLD suggests that short liquidations were more than longs. As of this writing, the CLLD was positive. But this indicator also has a say on the price.

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