The daily line shows a small bearish candle with long upper and lower shadows in a cross star pattern, with trading volume being three-fifths of the previous day, indicating an adjustment pattern after a rapid rise.
The daily MA30 line maintains an upward trend, and the MACD shows an increasing bullish momentum above the zero axis, but the volume bars are not as high as in the previous wave, indicating a need to pay attention to the weakening bullish momentum and price correction.
The hourly trend is synchronized with Bitcoin's movement; after a rapid rise, the bullish strength is diminishing, and the bears take the opportunity to counterattack. Both sides are evenly matched, with neither gaining an advantage, and after a period of adjustment, the battle will continue.
Currently, Grayscale's Ethereum spot holdings are still being heavily sold daily, while other institutional funds for the Ethereum ETF in the US stock market are slowly starting to buy in. As soon as Grayscale's selling and the amounts taken up by other institutions balance out, Ethereum's price will gradually rise.
The short-term adjustment is for a better upward movement; this wave of Ethereum's bull market is expected to perform well.
Daily level resistance at 3550-3650-3870-4010, support at 2970-2820-2650-2570-2440.
From the hourly perspective, it is currently showing a 1-hour rebound trend within a 6-hour level rebound. The 1-hour MACD is about to show a golden cross between the fast and slow lines, suggesting that the price can further rise in the short term.
In the short term, one can go long at 3250 and 3200, and short at 3400 and 3550.
From the three-day liquidation heatmap,
Price is rising, with a large number of big and super-sized short positions waiting to be liquidated in the 3384-3488 range.
Price is falling, with a large number of big and super-sized long positions waiting to be liquidated in the 3264-3164 range.
