$ETH Daily Chart Analysis

From the daily chart perspective, the current KDJ and MACD indicators still show a trend of weakening oscillation, and the Bollinger Bands (BOLL) continue to exhibit a downward oscillation. Last night's rebound was actually a corrective adjustment to the breakout of the Bollinger Bands. Today, the Bollinger Bands have completed their repair, and the coin price has returned above the lower band.

The MA5 and MA10 on the main chart are still in a downtrend, suppressing the coin price. The gap between the main candlestick and MA5 has also been repaired. Therefore, the focus now should be on the strength of the rebound after this adjustment of Ethereum, especially whether it can effectively break through the resistance level near the daily MA5 (currently referencing a price of 3580).

If it cannot break through or only shows a false breakout, Ethereum may face a second round of bearish selling pressure. Conversely, if 3580 is successfully broken and stabilized above, it indicates that the gap on the monthly chart has been repaired, and the short-term market risk is alleviated, followed by Ethereum entering a C-wave rally on the daily chart.

It is important to note that the weekend market differs from the weekdays, with lower market liquidity, and short-term fluctuations usually end in a reduced volume spike, hence today may not be suitable for trading, and cautious operation is recommended.

Summary:

The key to short-term trends lies in whether the daily MA5 can effectively break through. If the coin price breaks through and stabilizes above it, Ethereum is expected to initiate a C-wave rally, and the short-term market's selling risk will be alleviated. Conversely, if MA5 cannot break through for a long time, one should be wary of the risk of a second selling pressure, with the support area referenced between 3114-2900 (Golden Ratio 0.5-0.618 area). #ETH

The above is merely a personal intraday market analysis for reference.