📣Will Ethereum continue to weaken under the influence of Bitcoin or will it stand out and rebound?📉
Crypto Circle Chief of Staff November 26, 2024 18:21
Ethereum broke through 3500 yesterday and the trend continued upward, but during the breakout it was affected by Bitcoin and subsequently pulled back. However, the pullback space for Ethereum is relatively smaller than that of Bitcoin. Currently, we should focus on two key levels: 3350 and 3280. If the trend does not break below the 3280 level, the trend remains bullish and we can operate long positions nearby. If it breaks below the 3280 level, the trend will weaken, and we can operate short positions at high levels! Yesterday, setting up long positions in Ethereum also yielded good profits!
【Price Trend Analysis】
Candlestick Pattern:
Recently, the price encountered significant pressure around 3500, showing signs of a pullback. It formed a consolidation in the 3400 to 3300 range, with a relatively balanced short-term supply and demand.
Technical Indicators:
MACD: The current DIF and DEA are close to the zero axis, and the MACD histogram has turned negative, indicating weakened market momentum, which may enter an adjustment phase.
RSI: The RSI has fallen back from the overbought area and is currently at a neutral position, indicating that the market temporarily lacks a clear directional trend.
EMA: EMA7 has crossed below EMA30 but is still above EMA120, showing signs of weakening in the short term, while the medium to long term remains in an upward trend.
Trading Volume:
Recent trading volume has increased, especially during significant price fluctuations, indicating higher market participant activity. The phenomenon of increasing volume with stagnant prices is evident, suggesting heavy selling pressure above, and we need to be cautious of further pullback risks.
Evening of 11/26, Ethereum steady short-term profit setup:
It is recommended to enter short positions around 3350 for Ethereum, with short-term profit points: 3320-3280.
(At this time, pay attention to the support situation at 3280) If it breaks below, continue to hold; if it rebounds, it is advisable to exit in time and consider entering light long positions!
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