K-line analysis 1H/ETH
The ETH price has obviously pulled back after reaching a high of 3524.16 USDT and is currently around 3048.75 USDT.
The chart shows that after experiencing a wave of increases, the price of ETH has continued to pull back recently, and the short-term trend is clearly bearish.
Moving average analysis
Short-term moving average (5-day moving average): The current price has fallen below the 5-day moving average (3086.83 USDT), indicating that short-term market sentiment is bearish.
Medium-term moving average (10-day moving average): The price fell below the 10-day moving average (3111.44 USDT), and the medium-term trend weakened.
Long-term moving average (30-day moving average): The 30-day moving average (3172.69 USDT) was also broken, indicating that the long-term trend began to weaken.
Support and Resistance
Resistance level: The upper resistance level is at 3100 USDT and 3200 USDT. If this level cannot be effectively broken through, the upward pressure will be relatively large.
Support level: The current support levels are 3000 USDT and 2900 USDT. If it falls below this level, the price may continue to fall.
Volume Analysis
Trading volume has been enlarged during the rise, but has increased significantly during the pullback, indicating greater market selling pressure.
The current volume has increased as prices fall, indicating bearish market sentiment.
MACD indicator
The MACD fast and slow lines formed a death cross above the zero axis, indicating that the market may continue to adjust in the short term.
If the fast line forms a golden cross below the zero axis, it may be a rebound signal.
RSI indicator
The RSI indicator is currently close to 30, showing that market sentiment is close to oversold territory, indicating that there may be opportunities for a price rebound in the short term.
Bollinger Bands Analysis
The price is running near the lower Bollinger Band. If the price cannot rebound effectively, it may continue to run along the lower Bollinger Band.
Future Trends Prediction
In the short term
Bearish shock: The price may fluctuate between 3000 USDT and 3100 USDT. If it fails to break through 3100 USDT, there is a high probability that it will continue to decline in the short term.
Downside potential: If it falls below 3000 USDT, the price may drop further to 2900 USDT.
Medium to long term
Rebound after adjustment: If the price is supported near 3000 USDT or 2900 USDT and the trading volume increases, there may be a rebound opportunity.
Trend conversion: If the price rebounds and breaks through 3100 USDT and 3200 USDT, the medium- and long-term trend will turn strong again.
Operational Strategy
Short selling strategy
Short on rallies: When the price rebounds to the 5-day moving average (3086.83 USDT) or the 10-day moving average (3111.44 USDT) and is blocked, you can consider shorting.
Breakthrough short selling: When the price falls below 3000 USDT, you can follow the trend and short sell.
Buying strategy
Buy on dips: When the price gets support near 3000 USDT or 2900 USDT and a rebound signal appears, you can buy in batches.
Breakout Buy: When the price breaks through 3100 USDT and the trading volume increases, you can buy according to the trend.
