The daily line is a negative line with a relatively long body and upper and lower shadows. The trading volume is one-third less than the previous day, which is a normal downward adjustment trend.
The daily MA30 line maintains an upward trend, and MACD shows a weakening upward momentum above the zero axis.
The daily line is currently in the form of three consecutive negatives, and the trend is much weaker than that of Bitcoin, but it is still a normal upward correction trend. As we have said before, a short-term explosive pull-up has consumed a lot of bullish power. It must fall back to the right position and fluctuate for a period of time before it will continue to rise.
Grayscale still has a large amount of Ethereum spot that has not been sold, and the selling pressure will continue. The rise and fall of Ethereum prices are directly related to whether Grayscale sells or not. However, other ETF institutions are also buying at the same time. As long as the buying and selling forces are balanced, Ethereum will enter the main upward trend.
The current price has reached the 2970-3070 range we talked about yesterday. After forming support, there will be a rebound. We will wait and see.
Daily level pressure level 3180-3290-3450-3535-3640, support level 2940-2760-2570
From the hourly level, the current price has just fallen to the support level of the 4-hour EMA52 line mentioned yesterday. MACD is still in the process of returning to the zero axis. A slight shock here will rebound, and a short-term rebound can be expected. The height of the rebound will first look at 3160. In the short term, a short sell can be made at 3230.
From the three-day liquidation heat map
The price is going up, and there are a lot of large and super large short orders waiting to be liquidated in the 3188-3428 area.
The price is going down, and there are still some large long orders waiting to be liquidated in the 3024-3012 area.
