In the early morning, Ethereum quickly rose to 2896.5, almost touching the key position of 3000. From the technical structure point of view, the price at the daily level is consolidating around the attack line at a high level. The long and short sides compete back and forth, but they fail to form a sustained trend, but fluctuate at a high level and accumulate strength. In terms of volume and energy, the bulls continue to shrink, and the moving average also shows slight signs of turning, but the bears have no chance to recover. Therefore, in the absence of obvious room for retracement, going long with the trend is still the main strategy.
At the small cycle level, the operating channel shows a trend of shrinking and remaining flat, and the price shrinks and fluctuates around the operating channel. In the absence of an obvious position break, operating back and forth around the range is the best advice. However, short sellers continue to shrink, and the moving averages are also showing signs of turning upward. Therefore, the follow-up thinking is still centered around the callback of 2820-2850, with the target set at 2920-2950.
