The weekly line for Ethereum shows a long upper shadow and a short lower shadow bullish candle, appearing stronger in trend compared to its big brother Bitcoin.
After the price formed a large bearish candle in the previous week, it began to show a rebound trend. However, this week's bullish candle is much shorter in length compared to last week's bearish candle, so it can only be regarded as an oversold rebound trend.
Currently, the weekly level still has further rebound space. In the short term, it should at least reach the range of 3530-3600. The funds from US stock ETFs are continuing to flow in. Although Grayscale is still selling continuously, it cannot withstand other institutions that are selling non-stop. The chips among institutions are also changing hands, which is a good thing.
In the coming weeks, I still expect Ethereum to have a good rebound upward trend; we will wait and see.
The daily line shows a small bearish candle with short upper and lower shadows, and the trading volume is also in a shrinking pattern, maintaining a trend of shrinking fluctuations overall. The MACD shows a weakening downward momentum near the zero axis. In the next two days, as long as there is a volume-increasing bullish candle, a wave of daily-level upward movement will occur.
The view remains the same as yesterday:
The resistance level for the upward move is the daily MA30 line, and it will definitely need to pull back down to this position, so the MA30 line is the short-term take-profit position for long positions.
If Ethereum can pull back to the red box area, it would be a great buying opportunity, don't miss it. As long as Ethereum rises, it will bring opportunities for altcoins to rise.
The daily level resistance levels are 3520-3665-3825-4200, and support levels are 3220-3020-2870-2750.
The hourly level is still in a 4-hour pullback trend, but the 4-hour pullback has shown insufficient downward momentum. A rebound is expected at the 15-minute to 1-hour level.
Short positions can be made at 3425 and 3540, while long positions can be made at 3320 and 3210, effective within the day.
From Ethereum's liquidation heat map, we can see
Price is rising, with some short positions waiting to be liquidated near 3415, and a large number of significant short positions waiting to be liquidated in the 3430-3520 area.
Price fell, with a large number of significant long positions waiting to be liquidated in the 3320-3212 area.
