I will analyze the technical of $ETH based on the provided data:
1. Trend and Momentum Analysis:
- The price is in a sideways trend with a narrow range of 3340-3360 in the last 2 hours
- RSI(6) = 75.33 indicates fairly positive momentum in the short term
- MACD is showing a bullish divergence signal with a rising histogram
- Bollinger Bands are contracting, indicating accumulation and a potential breakout
2. Volume Analysis:
- Trading volume is low and decreasing in the past 2 hours
- Buy Volume Ratio remains above 0.5 indicating buying pressure is still dominant
- MFI = 54.98 in the neutral zone, showing no strong selling pressure
- Positive CMF indicates that money is still flowing into the market
3. Trading scenarios for the next 4-24 hours:
Scenario 1 (60% probability):
- Price tests the 3370-3380 range in the next 4-8 hours
- Confirmation signs: Volume increases when price surpasses 3365, RSI exceeds 80
- Target: 3380 (+5%)
- Stop loss: 3340 (-2%)
Scenario 2 (40% probability):
- Price drops to test 3320-3330
- Signs: RSI drops below 40, selling volume increases significantly
- Target: 3320 (-5%)
- Stop loss: 3370 (+2%)
4. Recommendations:
- LONG at the current price (3362) is safe with:
+ Stop loss: 3340
+ Take profit 1: 3380
+ Take profit 2: 3400
- Should not SHORT yet as the trend is still leaning towards rising prices
- A better SHORT entry point would be the 3380-3400 range if reversal signals appear
5. Points to note:
- Monitor trading volume - it needs to increase significantly to confirm breakout
- RSI exceeding 80 may lead to a short-term correction
- The 3380 and 3320 ranges are important support/resistance levels to watch