Ethereum's trading yesterday showed a certain volatility trend. In the morning session, the price fell back to a low of around 2905, and then began to show signs of upward volatility. Later, in the late trading session, the price reached a high of around 3033, but failed to create a new high, and then fell back to around 2930. In the early morning, it tried to hit a high of around 3045 again, but then fell back. The current price is fluctuating around 2985.
Regarding the analysis of Ethereum market, a cross star trend appeared yesterday, indicating that the competition between bulls and bears at the 3000 mark is very fierce. Three consecutive attacks on the high point near 3038 failed to step back, showing a trend of three needles probing the top. At the same time, various technical indicators also show a downward trend. It should be noted that if a large negative line can be formed today, it will help determine the formation of the trend. In addition, considering the trend of Bitcoin, whether the main force will take action against the bulls before the halving is a question that needs attention. Therefore, it is recommended to pay attention to the breakthrough near 3040, and also pay attention to the support near 2955.
On the 4-hour chart, the market broke through the suppression of the upper downward trend line, and stepped back to the downward trend again in the evening to gain support. Then the price was supported by the Fibonacci retracement line 0.618 below near 2970. From the technical indicators, there is still a trend of upward rebound. At the same time, the narrowing of the Bollinger Bands indicates that the market has a tendency to fluctuate around the middle track. For today's operation, it is recommended to observe the fluctuations in the white market. If the price fails to break through 3000, you can consider entering the long order again after stepping back. In general, the market has fluctuated greatly recently, so be sure to control your position and set a stop loss when trading.
Finally, what Lao Lin wants to say is that there are still many things that have not been expressed, and not everything can be understood through just one article. You can continue to follow Lao Lin, and let us create brilliance together in the new round of bull market!
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