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Ethereum Price: What This Trendline Break Means for $3K
- Ethereum experienced a drop from $2400 to $2250 after breaking a multi-week trendline.
- Price reacted to an H1 demand zone but is currently inside a supply zone, warranting caution.
- ETH's next move hinges on whether demand holds or fails, highlighting the importance of risk management.
- The drop was predicted due to the price respecting a trendline for over a month and a half.
- Trendlines are areas rich in liquidity and often where stop-losses are placed by traders.
- ETH manipulated highs, dropped to the expected area after initially reacting to the trendline.
- Despite not holding perfectly, price reacted to an H1 demand zone as anticipated.
- ETH is currently within a supply zone, suggesting waiting for confirmation before considering a long position.
- Geopolitical tensions, such as U.S. actions towards Iran, contributed to the recent market drop.
- Ethereum's price prediction includes a short-term bounce to $2600-$3000 if demand holds and a potential revisit to $2000 if broken.
- Market outcomes are uncertain, emphasizing the importance of risk management, strategy, and avoiding emotional trading.
- Trading incentives on BloFin offer rewards like a MacBook, Apple Vision Pro, or a $9,400 Rolex based on trading volume.
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