$ETH
ETH market analysis
1. Bulls hold the pressure, and bears dare not act rashly
ETH is currently facing strong resistance in the $4,000 to $4,093 range, but bulls are quite tough and do not give bears too many opportunities. Judging from the trend of the moving average, buyers still have the upper hand, but the divergence of the RSI indicator tells us that the upward trend is slowing down and may face a correction.
2. Where is the short-term key position?
Support level: 20-day moving average ($3,726)
If the price falls below the 20-day moving average, it may further drop to the vicinity of the downward trend line, which will delay the rhythm of ETH's next stage of rise.
Pressure level: $4,093
If the price can break through this level, bulls will most likely continue to exert their strength, and ETH may rush to $4,500 or even higher!
3. 4-hour chart interpretation: short-term volatility is likely
From the 4-hour chart, the moving average tends to be flat, and the RSI is slightly above the midpoint, indicating that ETH may fluctuate in the range of $4094 to $3500 in the short term. During this period, you need to patiently observe the effectiveness of support and resistance.
If the price breaks through $4000 and stabilizes, you can try to chase more, with a target of more than $4093 and a stop loss below $3980. After breaking through $4093, the further target is $4500!
If the price falls back to $3726 and rebounds, this is a good opportunity to buy low, with a target of $4000 or $4093, and a stop loss below $3700.
If the price falls to around $3500, wait patiently for bulls to have obvious buying support. You can try to layout with a light position, with a target of $4000 and above, and a stop loss below $3450.
Pay attention to the risks:
If the price falls below $3,500, the bears may regain the advantage. At this time, it is recommended to wait and see, and then take action after the trend becomes clear.
The current market of ETH is "brewing a breakthrough in volatility". In the short term, the price may repeatedly test the key positions of $4,000 and $3,726. If the bulls can capture $4,093, we may see a wave of direct impact on $4,500+; but if it falls below $3,500, we must be careful of the bears' counterattack!
In a word, keep an eye on the support and resistance, and when the opportunity comes, we will go up. Only by being patient can we make steady money! Brothers, keep an eye on your own operation rhythm, and let's eat meat together!
