ETH/USD PERPETUAL SWAP CONTRACT forum
Ethereum is attempting to revisit the levels of its previous impulsive move without having completed a proper correction. The fact that Ethereum has not made a retracement around 3280 and is instead pushing toward a new ATH does not seem very healthy to me. If it had completed the correction, it would have also balanced an existing imbalance in the structure.
When we look at the recent candles, we observe a lack of volume. This volume weakness is not sufficient to break the resistance at the previous high. If Ethereum breaks the 3900 dollar resistance level with a strong candle, it could move toward the 4335 dollar zone.
However, it should not be forgotten that there is still an imbalance and a correction zone around 3280 dollars. If the price decides to return to that level, it would mean an approximately 15% pullback from here. This could pose significant risk for altcoins, and we might see corrections of up to 40% in some.
Ethereum is currently one of the riskier assets for either taking a long or short position. Therefore, I do not recommend opening any position at this stage.
