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- Ethereum Price Expectations: Ethereum breaks out of the descending triangle pattern and tests the resistance zone between $3150 and $3250.
Ethereum network experienced liquidations totaling $121.3 million over the past 24 hours, driven by $111.9 million in short liquidations, according to Coinglass data.
The Ethereum price has surpassed the upper boundary of the descending triangle and is currently testing the 50-day exponential moving average after several days of sideways consolidation. This leading altcoin could continue its upward move toward $3470 if it breaks above the resistance zone between $3150 and $3250.
Daily chart of ETH/USDT pair
On the other hand, Ethereum's price may rebound from the support level at $2900 if it faces rejection near $3150.
The (RSI) indicator is above its neutral level, while the (Stoch) stochastic oscillator is in overbought territory, indicating dominant bullish momentum.