Ethereum Price Action Hinges on Key Resistance Levels

Ethereum's price has been on a downtrend, and recent events have triggered long liquidations in the derivatives market. The cryptocurrency moved below the key liquidity zone of $1,866, causing stop losses to be activated and positions to be closed.

Despite the bearish structure on higher time frames, analysts believe that reclaiming nearby resistance levels could lead to a break in short-term market structure. This could open up new trading opportunities for investors.