2024.6.20 Ethereum market analysis and operation suggestions
Market Review
Ethereum's performance on the daily level is quite interesting. The short positions arranged yesterday had almost no profit margin. At present, the price of Ethereum is firmly above MA7, but the bulls' efforts have not formed a bullish engulfing pattern. The suppression of $3,600 is still effective, and the long-short wind watershed at the high of $3,700 shows signs of moving down.
technical analysis
Daily chart
Trend: Ethereum price firmly holds MA7, but no bullish engulfing is formed.
Key resistance: $3,600, and the bull-bear watershed of $3,700 moves downward.
Support level: $3520.
Four-hour chart
Trend: The price remains in a Boll fluctuation market, tending to be bullish.
Support level: $3,520 (emphasized in the live broadcast yesterday afternoon).
Pressure level: $3,580.
One-hour chart
Trend: The Bollinger Bands began to close, and the range narrowed to $3580-3500.
Form: The K-line shows an abnormal top divergence, and the sideways decline lasts for a long time.
Recommendations
Robust Strategy
Short on rebound: Place a short order near $3,580, set the stop loss at $3,620, and the target is $3,500.
Aggressive Strategy
Wait and see: The current market has been sideways for a long time, so it is recommended to wait and see and wait for clearer trend signals before taking action.
Summarize
Ethereum's performance on the daily chart is somewhat confusing. Although it stands above MA7, the suppression of $3,600 is still effective. In the short-term four-hour chart, the price is biased towards bulls, but the Bollinger Bands on the one-hour chart are closing, and the market has been sideways for a long time. It is recommended to mainly short on rebounds during the day, while keeping a wait-and-see attitude and waiting for clearer market signals before making any operations.
