Yesterday's market review
Yesterday, ETH's overall volatility was limited, but it showed a repeated testing of the upward pressure in the short term. The key high point is $3688, where multiple rejections indicate strong selling pressure in this area. Meanwhile, the lows are gradually rising, indicating active buying power below, and market sentiment is gradually leaning towards bullish. The closing price yesterday was close to $3634, generally aligning with the oscillating upward trend.
Technical analysis
1. Moving average system
Short-term moving average (MA7): Currently running upwards, with support at $3600, indicating that short-term bullish strength is quite active.
Medium-term moving average (MA30): Stably running at $3385, this position is mid-term support, indicating that the overall market trend is still upward.
2. Bollinger Bands
The Bollinger Bands channel is narrowing, and the price is running near the upper band, indicating that the market may face pullback pressure in the short term, but overall still leans towards oscillating upward.
The upper resistance level is $3700, and the middle support level is $3500.
3. MACD
The MACD indicator is above the 0 axis, with increasing red bars, showing that bullish strength continues to increase.
The DIF and DEA lines show a golden cross, indicating further upward potential in the short term.
4. RSI
The RSI indicator is around 63, in a relatively strong range, but has not entered the overbought area, indicating that the market still has some room for upward movement.
5. Pattern analysis
The current K-line shows a pattern of gradually rising highs and lows, indicating the possibility of breaking through $3688 in the short term.
The support below is solid, indicating sufficient bullish confidence.
Today's operation suggestion
Based on comprehensive technical indicators and market sentiment, today's recommendation for ETH is to focus on buying on dips while being cautious with short positions. Specific operations are as follows:
Long position strategy:
Entry range: $3600-$3620
First take profit level: $3688 (yesterday's high)
Second take profit level: $3730 (continuation target after breaking the upper Bollinger band)
Stop loss level: $3570
Short position strategy (high-level pullback):
Entry range: $3680-$3700
First take profit level: $3630
Second take profit level: $3600
Stop loss level: $3730
Today's market forecast
If ETH breaks through the resistance level of $3688, the expected upward target is around $3730, but after a short-term rise, it may face some pullback.
If the price retraces to around $3600 and stabilizes, it is expected to continue rising and test the highs, continuing yesterday's strong oscillating trend.
If market sentiment suddenly weakens and falls below $3570, it may further test the mid-level support at $3500.
ETH currently shows a clear bullish trend, but faces upward pressure in the short term, requiring close attention to the breakout situation in the $3688-$3700 range. It is recommended to focus on oscillation operations and monitor changes in technical indicators, setting reasonable stop losses and take profits.
