Let me share my views on the current trend of ETH
ETH is currently at 3550, which is a significant resistance level. Yesterday, Brother Niu mentioned that as soon as it approached 3500, it was immediately pushed back down, indicating that there are too many sellers above.
If you look at the Bollinger Bands chart, 3550 is roughly at the upper line of the Bollinger Bands. When the price touched that level yesterday, it was bounced back, showing that the resistance above is indeed strong. However, on the four-hour chart, there is still an upward trend, but it needs to adjust a bit to alleviate the pressure above through fluctuations. Once the pressure at 3550 is gradually digested, the price can break through to 3600.
In the four-hour Bollinger Bands chart, the price is currently oscillating between the middle band and the upper band, overall still trending upward. The position of 3550 is at the upper band of the four-hour Bollinger Bands, and it needs to oscillate between the middle band and the upper band to digest the pressure. Once the price steadily breaks above the upper band of the four-hour Bollinger Bands, and if the Bollinger Bands are opening upwards, then the price can rise all the way to above 4000.
I now plan to enter a long position between 3385-3405, as this position is quite stable. If it breaks down, it may fall to 3250. Therefore, we will set the stop loss at 3360, with a short-term target looking at 3600.
In the four-hour Bollinger Bands chart, the position of 3405 is roughly the middle band, which is quite stable. If the price falls below this level and breaks the middle band, it may head towards 3250. Thus, the stop loss should be set at 3370. Looking at the overall Bollinger Bands channel, if the price starts rising from 3405, it should be able to reach the upper band corresponding to 3600 in the short term.
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