According to the uploaded ETH 4-hour K-line chart, ETH has shown a strong upward trend recently, especially after breaking through the key resistance level of $3100, exhibiting a continuous rising trend.
Combining technical analysis, here are the forecasts for today's ETH trend and related operational suggestions:
Technical Analysis and Trend Forecast
Trend Overview: The chart shows that after ETH broke through the key resistance level of $3100, it quickly rose in the short term, currently reaching around $3150. The short-term moving averages (MA5, MA10) exhibit a clear bullish arrangement, indicating strong upward momentum.
Support and Resistance Levels:
Support Level: Due to ETH forming new support after breaking through $3100, the $3100-$3120 area should become a short-term support range.
Resistance Level: ETH is currently close to the resistance level of $3150. If it breaks through this level, the short-term resistance may be at $3200.
Technical Indicators: The moving average system (MA5, MA10) shows a bullish arrangement, with prices overall above the moving averages, indicating a market sentiment leaning towards optimism. At the same time, the increase in trading volume also supports the continuation of the upward trend, but caution is needed for the risk of a high-level pullback.
Today's Trading Suggestions
First Take Profit Level: Set at $3175-$3185. If ETH can continue its upward trend and reach this area, a partial take profit is recommended to lock in short-term gains.
Second Take Profit Level: Set at $3200-$3220. This is a strong resistance level above, and if ETH continues to rise, further take profit may be considered.
Stop Loss Level: It is recommended to set the stop loss level at $3080-$3090. If this support range is broken, the short-term upward trend may end, making it suitable to stop loss and exit to avoid further losses.
Today's Forecast and Trading Strategy
It is expected that ETH will maintain a high-level fluctuation today, with the main fluctuation range between $3100 and $3175. If market sentiment is good and breaks through $3175, it is expected to test the strong resistance level of $3200; conversely, if there is pressure above, it may pull back to the $3100-$3120 support range.
ETH is currently in a strong upward channel, but there is strong resistance above. Investors need to pay attention to changes in trading volume and the breakthrough of key resistance levels. Short-term traders can rely on support and resistance for swing trading, while conservative investors can increase their positions after clear breakout signals.
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