Although Ethereum has rebounded to some extent today, the rebound is not too strong.
Currently, the TD indicator of the 4-hour level line has not been repaired (in fact, you can review the current 4-hour level line. It is completely suppressed by the bears, and there is no sign of rebound on the bulls. This decline is too mindless and too strong. Ethereum's TD13 has been lagged behind by more than ten K bars. This is no longer a market within the technical scope).
Since the 4-hour TD indicator has not been repaired, and the 6-hour Bitcoin and Ethereum both show green TD13, there are gaps in the daily and 12-hour lines, and BOLL continues to break down (note the decline this time, the 12-hour line is forced to fall against the gap, and the decline in the BOLL price is greater than the lower track of BOLL. To put it bluntly, this forced unilateral breakout will either not rebound or the rebound strength will be a one-wave thing).
As for the short-term in the early morning, since the indicators have not been repaired, we will continue to look at the technical rebound adjustment in the early morning. The high point pressure (which is also the price expected to be hit) is around 3054-3150.
Note that if Ethereum hits the 3055-3148 area in the short term, it also means that the indicators to be repaired at each level line have also been repaired. If the subsequent rebound strength cannot effectively break through the 3055-3148 area, then it will be the time to rebound and take the short position. The support reference below is around 2867-2771 (this area is the weekly BOLL lower track area, and the BOLL lower track area is generally the key support area of the current reference level line).
Finally, a warm reminder, this time the short market fell straight after breaking through 3300, and there was no technical rebound adjustment or volume accumulation in the middle. This magnitude of decline itself is not a normal market fluctuation phenomenon. Therefore, Ethereum is currently at a relatively low level, so the risk of shorting at a low point must be greater than the benefit. At this position, everyone should be as rational as possible to short (it is better to wait and see than to short at the current position). It will be safer to wait for the TD indicators of the 4-hour and 6-hour level lines to complete the repair before considering entering the short order.
For short-term trading, we should be cautious and take it step by step. This year's market is obviously more volatile than in previous years, and the market makers are more frequently controlling the market. I hope everyone will be rational and not get carried away! It is best to lock in short-term profits when they are appropriate (especially when trading against the trend).
The above is my personal analysis of the early morning market and is for your reference only.