The writer's opinion presented in this article should not be taken as financial, investment, trading, or other types of advice. Ethereum (ETH) has gained over 2% as of press time, but long positions are discouraged. ETH started the week with a positive note, posting about 4% gains since Monday (22 May).

Vitalik recently expressed concern about pushing Ethereum on a multi-purpose path, but the price did not react to his concerns. The short-term prospects for ETH show that a bullish breakout could set ETH to reclaim the $1900 and $2000 psychological levels, but a drop below the fair value gap (FVG) zone could ease at the mid-range of $1807.

Longs have suffered more liquidations at press time, with about $300k worth of positions wrecked, which could undermine a strong retest of the range high as the data paints a bearish outlook in the futures market.