📣 Ethereum has rebounded after a decline, will the market continue to rise or remain weak?
Ethereum experienced a deep pullback to a low of 2443 last night, which is also the previous starting point. The pullback to this level did not continue to decline but instead showed a rebound. It was emphasized multiple times yesterday that it is a downward trend, and the evening trend confirmed my layout. Moreover, the short position from last night also perfectly profited and exited. From the current trend, the bearish trend is still ongoing, and I suggest everyone enter steadily:
From the four-hour trend chart of Ethereum:
【Price Trend Analysis】
K-line pattern:
Recent K-lines show a clear downward trend, especially during the significant pullback on October 23 and 24.
In the 4-hour cycle, the price has continued to decline from around 2616 to 2531, forming multiple bearish candles, indicating strong bearish forces.
Technical indicators:
MACD: In the 4-hour cycle, the MACD histogram is in the negative zone, and both DIF and DEA are diverging downwards, showing clear bearish signals.
RSI: The current RSI is 32.06, close to the oversold area, but has not yet entered extreme oversold territory, indicating a potential short-term rebound demand.
EMA: EMA7, EMA30, and EMA120 are in a bearish arrangement, and the price is currently operating below EMA7, indicating a short-term weak pattern.
Trading Volume:
On October 23, trading volume significantly increased to 3,189,122, accompanied by a sharp price drop, indicating heavy selling pressure. Subsequently, trading volume decreased somewhat but remained relatively high, with market sentiment leaning bearish.
10/24 Evening Ethereum Steady Short-term Profit Layout:
It is recommended to enter short positions around 2530-2550, with a short-term target of 2500. If it breaks below 2500, the target will be 2460-2420!
For the rebound, it is suggested to add to short positions near 2570, keeping the target unchanged!
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