The daily chart closed with a small bullish candlestick in the form of a doji, with trading volume about half of the previous day. Compared to the previous few days, trading volume has been shrinking, with small fluctuations and low volume, indicating a consolidation phase, which also suggests that a significant move is coming.
The daily MACD has returned from a high point to the zero axis, showing a weakening downward momentum. If a bullish candlestick with increased volume appears in the next couple of days, a rebound at the daily level will occur.
BlackRock continues to buy a substantial amount of Ethereum. Referencing their previous large purchases of Bitcoin, it indicates that they are optimistic about Ethereum's upcoming price increase. Following institutional moves can be beneficial.
As mentioned yesterday, the daily MA30 line is a significant resistance level. If the price rebounds to this area (around 3690), it will likely face a pullback. This will be an important position for you to take partial profits on your long positions.
Regardless of how it moves, Ethereum has led altcoins in a rebound rally. As long as Ethereum continues to rise, altcoins will likely continue their rebound.
Daily level resistance at 3580-3680-3825-4200, support at 3330-3200-3020-2870.
The hourly chart shows a narrow range of fluctuations formed by a 4-hour pullback encountering pressure at the 4-hour EMA52 line. MACD is returning to the zero axis, and the 4-hour chart does not form a resistance level, making it easy for the price to break above. Short positions can be taken at 3580-3680 and long positions at 3415-3380 for intraday effectiveness.
From the liquidation heatmap data of Ethereum, we can see
Price has risen, with a large number of large and extra-large short positions waiting to be liquidated in the 3550-3620 area.
Price has dropped, with a large number of large and extra-large long positions waiting to be liquidated in the 3436-3200 area.
