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Ethereum has risen above $3200.
Looking at the data, the current ETH/USDT price is $3200.12, which has actually decreased by 3.58% in the past 24 hours. Sounds contradictory? Actually, it's not — the drop is real, but holding this level is the key.
Below the 3200 line is a dense liquidation zone. To put it simply, if it breaks below this point, a bunch of leveraged long positions will be liquidated. The price is now stuck at this level, repeatedly pulling back, with bulls defending and bears attacking.
The volatility has clearly increased. In this kind of market, it will either break upward or plunge downward. It can't stay sideways for too long.