Ethereum bulls are rising strongly!!! The altcoin carnival season has begun, old coins and new favorites are joining the battle, who will become the next hundredfold coin?
The sentiment continues to ignite, retail investors are feeling a kind of breathlessness. Affected by the U.S. stock market, BTC continues to surge. Recently, almost all retail investors are trading based on sentiment, regardless of the stock market or the crypto circle. In any case, retail investors are often referred to as 'chives' in the financial sector.
Currently, from the daily chart perspective, BTC has not effectively stabilized at the key level of 97600; if it does not go up, it can only go down.
The volume from yesterday's surge is insufficient, large funds have not entered the market; it seems to be another player's scheme. Institutions may also go long or short against each other. It's just mutual hunting.
Today, there should be a pullback; the MACD is showing a dead cross downwards, which still indicates a bearish pattern, and risks are always present. Moreover, the daily level has shown a top divergence for a long time, which is actually a bad signal. The strength of the player's upward push is weakening, while retail investor sentiment continues to drive buying. As for why it hasn't immediately gone down, one can only say that the player's goods have not been sold out. At such times, from a technical perspective, it means selling more as prices rise. The player is suspected of distributing chips at high levels.
On the hourly level, it has broken below the middle Bollinger band, with short-term support below at around 94000 and 91000. Resistance above is around 97600. Currently, the short-term level has not stopped falling.
As for spot players, they still need to spend time waiting; cycle layout indeed requires patience.
Currently, the sentiment indicator has entered extreme greed.
Recently, some old coins have indeed soared to the sky; it seems that the older the ginger, the spicier it is. From this point, it can be seen that ETH still has great potential for the future.
Ethereum bulls continue to be strong; liquidity has temporarily decreased, but the coin price has not fallen. There is reason to believe that this trend will continue slightly, so keep an eye on it.
