ETH
Judging from the current ETH 4-hour candlestick chart, ETH experienced a large fluctuation yesterday, and rebounded after reaching a low of 2388.0. The current price is hovering around 2482.4. The candlestick chart shows that ETH tried to find support near the lower track of the Bollinger Band after the sharp drop, but the current upward space is still suppressed by the moving average. The trading volume has increased compared with the previous few days, indicating that the market is more intense.
Technical indicator analysis
Moving Average (MA):
The short-term MA(5) and MA(10) moving averages are still trending downward, and the current price is below them, which reflects that the bearish force is dominant.
The MA(30) medium-term moving average is also in a downward pressure state, indicating that the overall trend of ETH is weak and the rebound momentum is insufficient in the short term.
Bollinger Bands (BOLL):
The current lower track support of the Bollinger Band is around 2469.0, while the middle track pressure is around 2568.7. The price is slightly above the lower track of the Bollinger Band and there is a risk of continuing to test the lower track support in the short term.
The Bollinger Band opening shows signs of convergence, indicating that the market may enter a period of shock consolidation, but we still need to be vigilant about the possibility of prices falling below the lower Bollinger Band.
Commodity Channel Index (CCI):
The CCI indicator is currently -150.06, showing that the market is in an oversold state, but there is no obvious rebound signal. Further developments in the oversold area need to be observed cautiously.
Today's forecast and operation suggestions
First support level: 2460
The first support is around 2460, which is close to the lower track of the Bollinger Band and is a key support point in the short term. If the price stabilizes in this area, it is expected to rebound and test the upper pressure in the short term.
Second support level: 2380
If 2460 is lost, the second support will be around 2380, which is the support area of the previous decline low. This position needs to be closely watched. If it falls below, it may trigger a deeper correction.
Stop Loss: 2360
It is recommended to set the stop loss below 2360 to control the risk after an unexpected break and ensure that the risk is controllable.
Pressure level: 2550
The upper pressure level is around 2550, close to the middle track of the Bollinger Band and the MA(10) moving average. If it can effectively break through this position and stabilize, it may rebound further to around 2600 in the short term.
Recommendations
Short on rallies: If the price rebounds to around 2550 and fails to break through effectively, consider shorting with a light position, with the target at 2460 and the stop loss set above 2570.
Go long on the dip: If the price falls back and finds support near 2460, you can try to go long with a light position, with the target at 2550 and the stop loss set below 2440.
ETH is expected to fluctuate in the range of 2460-2550 today. The overall market sentiment is still weak. In the short term, we need to pay attention to the support of 2460 below and the pressure of 2550 above. It is recommended to be cautious in operation, avoid chasing ups and downs, and control positions reasonably. For short-term investors, it is recommended to do short-term operations near the support and pressure positions, and control risks by setting stop loss points reasonably. Overall, if ETH can stabilize above 2460, it is expected to rebound slightly. Otherwise, it is necessary to guard against the risk of further correction.
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