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November 4 $ETH Market Update
Yesterday, we advised watching support around 2220. This morning, the price fell to a low of 2225, close to that support, then rebounded to around 2266, but the market has yet to stabilize.
On the 1-hour timeframe, clear resistance formed around 2318. A second rebound to around 2310 failed to break through, with heavy selling pressure overhead. Although the price is rebounding now, the highs continue to move lower, and the short-term trend has not strengthened.
Preliminary results from the U.S. midterm elections have also put some pressure on the market. Democrats made gains in several key districts, but control of both chambers remains to be confirmed. BTC also fell to around 75700, and overall market sentiment is cautious.
Liquidation data shows ETH has broken above $2,359, with cumulative short liquidation intensity across major CEXs at about $776 million;
If it falls below $2,136, long liquidation intensity would be about $381 million. These are estimates only and do not mean the price will necessarily reach that level.
Trading advice: The key short-term support zone is 2220-2230. Holding above it keeps the rebound outlook intact; if it breaks, the price may retest around 2170 or continue falling.
The short-term upside target is 2280, with strong resistance in the 2300-2318 zone. Stay cautious and do not chase longs before a decisive break above resistance.
Those holding low-entry long positions can continue to hold and monitor the market, reducing positions as appropriate if the price rebounds into the resistance zone;
Those who have not entered should wait patiently for the price to stabilize after a retest or for a breakout above resistance before taking action.
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