Ethereum rejected at $3,270 after liquidity sweep, triggering bearish concerns. First red candle in six days cleared late longs as $3,200 emerges as critical support.
Ethereum rejected sharply at $3,270 after sweeping liquidity above this critical level, triggering fresh bearish concerns among traders. The digital asset recorded its first red candle following six consecutive days of gains, with technical signals now pointing toward potential weakness.
According to Lennaert Snyder on X, the second-largest cryptocurrency grabbed liquidity above the $3,270 mark before showing signs of rejection. The trader maintains a bearish stance due to the weak monthly open at approximately $2,965.
$ETH swept the ~$3,270 high and rejected. Ethereum grabbed liquidity above $3,270 and it looks like it wants to go down.
The price action suggests traders anticipated this rejection, with Snyder waiting for specific triggers before entering positions. A break below the $3,180 low could present re-entry opportunities for short positions, targeting the monthly open as the final destination.
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Clearing Late Longs Creates Fresh Setup
The recent pullback served a crucial purpose in market structure. Ted Pillows noted on X that Ethereum needed this correction after six straight positive sessions, effectively clearing most late long positions that accumulated during the rally.
$ETH finally had its first red candle after 6 consecutive days. This was needed, as it has now cleared most late longs.
The $3,200 level now emerges as the critical support zone. Pillows emphasized that holding above this threshold remains essential for maintaining upward momentum. A decisive hold above $3,200 would keep bullish structure intact despite the recent rejection.
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Support sits at approximately $3,050, though traders remain cautious about longing this level without strong reversal signals. Weak lows positioned directly beneath this zone add complexity to potential buying decisions.
The $3,445 high represents the key bullish invalidation point. A sustained break above this level would flip sentiment positive and open doors for long positions. However, a sweep and rejection scenario at $3,445 would likely trigger additional short opportunities.
Related: Ethereum Faces Key Rejection at $3,050 Resistance
Traders now watch for confirmation signals at multiple price levels. The monthly open at $2,965 remains the primary downside target for bears, while bulls need reclamation of $3,445 to shift momentum. Current price action suggests a critical juncture for ETH as it navigates between these technical zones.
Also read: ETH Faces Critical $3,000 Battle Amid Bearish Signals
The coming sessions will determine whether the correction provides healthy consolidation or marks the beginning of deeper retracement toward the monthly open.
** Key Takeaways**
- ETH rejected sharply at $3,270 after sweeping liquidity above this critical resistance level today
- First red candle in six days cleared late long positions as $3,200 support becomes crucial threshold
- Traders maintain bearish bias below $3,445 with monthly open at $2,965 as final downside target zone
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ETH Rejects $3,270: Bearish Signs Emerge
Ethereum swept liquidity above $3,270 before rejecting sharply. Traders eye $3,200 support as critical level while bearish bias persists below $3,445 high.