Ethereum market analysis report:
Support and pressure range: In the current market, the ultimate support of Ethereum is between 2350 and 2400 points, while the short-term pressure range is roughly between 2565 and 2600 points.
Overall market trend: From the perspective of the bottom arrangement, the overall market trend still shows a long arrangement. However, the market's panic about Ethereum is relatively significant, which has resulted in its relatively weak rebound and failure to rise in sync with the market. On the contrary, when the market falls, the decline of Ethereum appears to be more dramatic, showing a slow rise and quick fall market trend.
Short-term focus: In the short term, the market performance of Ethereum is particularly critical, and its life and death threshold mainly focuses on the 2400 point position. This position is not only the bottom support of the weekly line, but also the bottom of the rising channel that has been at the bottom in the past two months. The performance of this position will directly reflect the short-term market sentiment and trend of Ethereum.
Market sentiment analysis: Currently, the market is relatively panic-stricken about Ethereum, which may be due to the combined influence of a variety of factors. However, from the perspective of technical analysis, despite the pessimistic market sentiment, the fundamentals of Ethereum are still solid, and its long-term value is still favored by the market.
