Update on the current situation:
🎈ETH/BTC dipped to a low of 0.033 and is currently around 0.034.
🎈The price of ETH briefly touched the daily EMA120 level at a price of 3144 and has rebounded; currently, EMA60 is hovering around $3365.
Based on liquidation volume, market sentiment, and other indicators, combined with the recent deleveraging in the US stock market, I believe the bottom range of the decline has likely been confirmed. Moving forward, it is crucial to focus on the daily closing situation of Ethereum. If the daily close can settle above EMA60 and ETH/BTC can close above 0.036, then we can say that the altcoin market is starting to take off✈️
Once the downtrend is confirmed to be over, we will look at the rebound situation. If the rebound can once again rise above the daily 20 moving average, it would be a positive sign, and thereafter, ETH is likely to catch up. You can consider exiting and observing when the rebound approaches the 20 moving average, and after confirming stability, you can chase the main upward wave.
PS: Here’s an additional K-line chart showing the rise of ETH from January 2024 to March 2021. Although in late January, it dipped from 2717 to 2168, after hitting the bottom in January 2024, a significant rally began in February, with the price rising from 2168 to 4093, an increase of 89%. Recharge your faith and don't lose confidence in ETH.
