Analysis of ETH on May 11:
Ether has been really weak recently. Yesterday, it followed the decline of Bitcoin. Bitcoin did not fall below 60,000, but Ethereum almost fell to the previous low point. Yesterday, it fell to 2877. It is currently rebounding around 2920.
Trend: There is really nothing to say. While linking Bitcoin, the trend is weak! It is currently the second bottom, but there is no sign of accelerating the rise. We need to continue to observe and wait!
In terms of exchange rate, it has fallen slightly and is currently running around 0.048. From the daily level, the exchange rate continues to weaken and has not been able to get out of the downward channel. Even if it falls sharply and touches the demand area, it is only a rebound, not a reversal. It may take until the big bull market starts for Ethereum to really strengthen. It will continue to be weak in the short term.
Points:
Support below: 2850 2790
Pressure above: 3070 3150
