【ETH short-term trading trend】🔥

Token name: $ETH

Current price: $3175.68

📊 Market sentiment analysis

Positive sentiment was generated by the approval and trading of spot Ethereum ETFs in the United States.

Despite the successful launch of the ETF, Ethereum price fell by 1.8%, and market sentiment was mixed.

Increased whale activity on the Ethereum blockchain brought positive sentiment.

The shift in investment flows to Bitcoin ETFs rather than Ethereum ETFs brought negative sentiment.

Ethereum's decline dragged down other altcoins (such as Cardano), and market sentiment was negative.

📈 Technical analysis

RSI: The RSI is currently at 18.25, indicating that ETH is in the oversold area.

Bollinger Bands: The current price is close to the lower Bollinger Band (3124.53), indicating a possible rebound.

Pivot Point: The price is hovering around the pivot point (3174.22), with immediate support at 3165.27 and resistance at 3185.08.

DMI: ADX is high at 51.66, indicating a strong trend, but -DI (46.07) is significantly higher than +DI (4.84), indicating a strong bearish trend.

MA: The current price is below the moving average (3369.91), indicating a bearish trend.

MACD: MACD is negative (-71.41) and below the signal line (-53.47), indicating bearish momentum.

KDJ: K value (14.70) is slightly higher than D value (14.16), but both are low, indicating a reversal potential, but currently bearish.

💡 Recommendations and Trading Strategies

Given the strong bearish signals from multiple indicators (RSI, DMI, MACD, and MA), shorting has a better chance of winning.

For short-term trading, consider shorting near the current price of $3175.68.

Set a profit target near the lower Bollinger Band, which is around $3124.53.

Set a stop loss above the immediate resistance, which is around $3185.08, to manage risk.

Based on technical indicators and market sentiment, the confidence level of the short-term bearish trend is high.

The technical analysis is based on the 1-hour candlestick chart indicator, which can be used as a reference for users who like short-term trading.