$ETH Recent Trend Revelation! How to Handle ETH?
ETH is currently at 3550, which is quite a tough nut to crack. It surged to this level yesterday but was immediately pushed down, indicating the heavy selling pressure above. From the Bollinger Bands perspective, on the daily chart, 3550 is the upper edge of the Bollinger Bands, and as soon as the price touches this level, it gets pushed back down, showing that the pressure above is indeed significant.
However, the four-hour trend is still upward, and this position is likely to need some adjustment, relying on fluctuations to digest the selling pressure above. Once the selling pressure at the 3550 level is consumed, ETH can gradually climb above 3600.
On the four-hour Bollinger Bands, the price is currently hovering between the middle and upper edges, maintaining an overall upward trend. The 3550 level corresponds to the upper edge of the four-hour Bollinger Bands, and the price needs to oscillate between the middle and upper edges to digest this pressure. Once the price can steadily break through the upper edge of the four-hour Bollinger Bands, and the bands are expanding upward, the price can rise all the way to above 4000.
My current plan is to make a bullish trade around the 3385-3405 level, which is a strong support on the four-hour chart. If it breaks below, it might drop to 3250. Therefore, I will set my stop loss at 3360, with a short-term target of 3600.
On the four-hour Bollinger Bands, the 3405 level is the middle edge and is a very strong support. If the price falls below the middle edge, the lower edge might be around 3250. So, I will set a stop loss at 3370. From the amplitude of the Bollinger Bands, if the price starts rising from 3405, it may short-term reach the upper edge of the Bollinger Bands corresponding to the 3600 level.
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