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

All we need to do is zoom out. Ethereum broke out from the 4 year trend and re-tested it with no 2 consecutive daily closes below it. The highs at the 4000-4100 range will not act as a resistance for another time. ETH will pierce through the range and won't stop until the mid-range at ~4400. That level is also the May 2021 high. Of course, the next target will be the ATH at 4860.
At some point most likely in late August or in September, ETH will likely re-test the ascending trendline which is currently at 3080. The trendline will pass through 3200 at the beginning of September.
Looking at the 2-year liquidation heatmap (which is in fact never a real liquidity map but a reference), the liquidity is above the previous high at 4100, concentrated at 4160, extending to 4260.
Zooming in, we can see more liquidity forming until 4500 and also that the most important one is swept today.
I also want to remind you an important thing about liquidity heatmaps, that is valid for all crypto assets. The yellow zone below 3000 is not of importance right now. Liquidity zones work as magnets and as in the physics formula I = 1/d², the intensity of a magnet is inversely correlated to the distance. At 3850, we can't assume that the market maker is going to sweep 2850 because that zone is 30% away from the current price and is irrelevant right now.
The CVDs does not show Spot support for the last move, however, after the New York Open, ETH may continue going higher with the ETF inflows.
At this point, every move to the 3500-3600 zone is a buying opportunity. We are even more lucky if we get a re-test to 3350 but I think most people will be left behind during this leg. #Gate Launchpad List IKA# #Simple Earn APY Breaks 24%#