Market Interpretation - Ethereum (ETH)
As mentioned before, ETH is currently in a stabilization phase, and the overall trend is not pessimistic. In the range of 3841 to 3808, we can find opportunities for quick in-and-out trades to capture rebounds. As a result, the price has indeed found support multiple times in this range and even surged to a high of 4024.
To better track analysis in the future and avoid heavy positions, remember to take profit on those short-term positions when the price rises. Moving forward, our new strategy is as follows:
From the daily chart, as long as the price remains above 3825, we can say that the local market is leaning towards bullish. However, the price has not yet broken through the upper resistance level, and the market trend is unclear during this period, so for medium to long-term operations, we need to be cautious and leave some budget to guard against price declines.
Looking at the 30-minute chart, the price is currently holding at a support level, but the rebound space here is too small, estimated to be less than 2%, so let's not rush to act. Considering the daily chart situation, it’s best to wait for some movement in the price, moving away from the current position, before considering how to enter new positions.
For short-term trades, the range of 3798 to 3765 is a support level; keep an eye on the market for quick in-and-out trades. If the price drops further to the range of 3685 to 3616 with a decline of about 5%, we can consider entering for a low buy to capture a rebound. As for the upper resistance level, in the range of 4001 to 4068, if it breaks through with volume, then we can consider entering. For medium to long-term, our target remains set in the range of 4488 to 4624.
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