#ETH Back to $3,800# u #ETH# Update

All we need to do is step back. Ethereum has broken out of a 4-year trend and has retested it, not closing two days in a row below it. Heights in the range of 4000-4100 will no longer act as resistance. ETH will pass through this range and will not stop until it reaches an average level of around 4400. This level is also the peak of May 2021. Of course, the next target will be the ATH at 4860.
At some point, likely at the end of August or in September, ETH is likely to retest the ascending trend line, which is currently at the level of 3080. The trend line will pass through 3200 at the beginning of September.
Looking at the 2-year liquidation chart (, which is actually never a real liquidity chart, but just a benchmark ), liquidity exceeds the previous high by 4100, concentrated at 4160, and stretches to 4260.
As we zoom in, we can see how more liquidity is forming up to 4500, as well as that the most important liquidity was cleared today.
I also want to remind you about an important thing regarding liquidity heat maps, which is relevant for all crypto assets. The yellow zone below 3000 is currently not important. Liquidity zones act like magnets, and, as in the physical formula I = 1/d², the intensity of the magnet inversely correlates with the distance. At 3850, we cannot assume that the market maker will take off 2850 because this zone is 30% away from the current price and is currently irrelevant.
CVD does not show support for Spot for the latest movement, however, after the opening of New York, ETH may continue to rise with ETF inflows.
At the moment, every move towards the 3500-3600 zone is an opportunity to buy. We would be even happier if we got a retest at 3350, but I think most people will be left behind during this stage. #Gate Launchpad List IKA# #Simple Earn APY Breaks 24%#