Market Review
Ethereum closed negative for three consecutive weeks, forming a clear weekly bearish trend. However, the mid-line support level of $3,520 is still worth paying attention to.
technical analysis
Weekly chart
Trend: The weekly line has three consecutive negative lines, and the overall bearish trend is evident.
Key Support: $3,520 is the key mid-term support level.
Daily chart
Support and resistance: Short-term support is at $3,540, and the upper bull-bear watershed is at $3,680.
Attached chart indicators: MACD shows that the short positions are beginning to increase, which means that the price may rise in the short term, and we need to pay close attention to the daily changes.
Four-hour chart
Bollinger Bands: The Bollinger Bands open upward, and the trend is obviously stronger than Bitcoin.
Capital inflow: Be alert to the influx of new funds, which may drive up prices.
One-hour chart
Bullish power: Bulls are starting to gain momentum, with short-term support at $3,580.
Recommendations
Daily level operation suggestions
Short on rebound: short around $3,680, stop loss at $3,720, target at $3,600.
Support long: long around $3540, stop loss at $3500, target at $3640.
Four-hour level operation suggestions
Short on a strong rebound: short around $3,680, stop loss at $3,720, target at $3,600.
Support rebound long: long around $3540, stop loss at $3500, target at $3650.
One-hour level operation suggestions
Short-term long orders: go long around $3580, stop loss at $3540, target at $3640.
Short at high levels: short around $3,680, stop loss at $3,720, target at $3,600.
