Market Review

Bitcoin M pattern has been formed, and it is expected to make a second retracement. Ethereum also shows a similar trend. On the current daily chart, Ethereum has broken through 3000, and rebounded after a spike to 2820, but there is no obvious stop-loss signal in the short term. It is expected that there will be 2-3 more downward spikes, so be cautious.

technical analysis

Key resistance and support

  • Upper pressure: EMA80 (3085), EMA120 (3150)

  • Support below: recent low of 2820

Hourly chart

  • Bollinger Bands: The Bollinger Bands open upward, and the current currency price remains above the EMA60 moving average. It is expected that it may continue to fluctuate in this range over the weekend.

  • Key resistance levels: EMA80 (3085) and EMA120 (3150).

Four-hour chart

  • Bollinger Bands: The upper track of the Bollinger Bands reversed sharply, showing signs of recovery. The current price of the currency intends to stand above EMA15, and the upper pressure level of the small oscillation range is EMA30 (3150).

  • Short-term bullish sentiment: DIF and DEA form a golden cross at a low level, and there is a rebound opportunity in the short term.

Daily level

  • Bollinger Bands: Still opening downward, and judging from the shape, there may still be large fluctuations.

  • Key pressure: EMA200, EMA30 moves down close to EMA80, EMA15 crosses EMA120, and EMA10 approaches EMA150. In the short and medium term, these moving average downward signals support the bearish trend.

Recommendations

Comprehensive analysis

Ethereum may break out of the range and then surge in the short term, but the general trend is still bearish. It is recommended to maintain a high-altitude thinking and pay attention to the breakthrough of key pressure and support levels.

Specific strategies

  1. Short on rebound

    • Entry point: Enter short positions when the price rebounds to around 3040-3070.

    • Defensive point: Cover short positions at 3120-3170.

    • Stop loss: 3170

    • Target point: 2940. If 2900 is broken, continue to hold.

  2. Go long on pullback

    • Entry point: Consider short buying when the price falls back to around 2800.

    • Defensive point: Cover position at 2700-2680.

    • Stop loss: 2650

    • Target point: 2880

Although Ethereum has shown signs of rebound in the short term, the general trend is still bearish. In terms of operation, it is recommended to mainly short on rebound, pay close attention to the changes in key resistance and support levels, and flexibly adjust strategies to ensure the robustness and security of transactions.

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