Ethereum (ETH) Technical Analysis and Short-term Forecast Today
Based on the latest Ethereum (ETH) candlestick chart and multiple technical indicators, the following is a forecast and operational suggestions for Ethereum's short-term trend today.
technical analysis
K-line pattern:
The price of Ethereum has fluctuated greatly in recent days, closing at 3224.19 USDT yesterday.
Judging from the recent K-line pattern, the price has rebounded to a certain extent after a wave of decline, but the overall trend is still downward.
Moving Average (MA):
The short-term moving averages (MA5, MA10) show a downward trend, indicating that there is still downward pressure on prices in the short term.
The medium-term moving averages (MA30, MA60) also show a downward trend, further confirming the downward pressure on prices.
Bollinger Bands (BOLL):
The middle and lower lines of the Bollinger Bands are moving downward, and the price is fluctuating below the middle line of the Bollinger Bands, suggesting that the price may continue to fall in the short term.
The lower track of the Bollinger Band is around 3106.21 USDT, showing a strong support level.
Volume:
The trading volume increased during the decline, indicating that the short-selling force is strong and we need to be vigilant about the risk of further decline.
Relative Strength Index (RSI):
The RSI is currently between 30-50, not reaching the oversold zone, but showing that selling power is dominant.
Commodity Channel Index (CCI):
The CCI is currently at 276.27, which is in the higher area, indicating that there may be a risk of a pullback in the short term.
Yesterday's Trend Review
Yesterday, the price of Ethereum fluctuated around 3200 USDT, with fierce competition between long and short parties, and no obvious breakthrough or breakout signal appeared. Combined with yesterday's trend, the price may continue to fluctuate around 3200 USDT today.
Today's operation suggestions
Based on the above technical analysis, the following are the operational suggestions for Ethereum today:
First support level: 3150 USDT
If the price falls to this position, observe whether there is a rebound signal and consider buying a small position appropriately.
Second support level: 3100 USDT
This position is a strong support level. If the price drops further to this point, it is recommended to pay close attention to it as there may be strong support.
Stop loss: 3300 USDT
If the price rebounds to this point, consider stopping loss and exiting to avoid further losses.
Today’s Ethereum price may fluctuate between 3150 USDT and 3300 USDT.
