From the ETH 4-hour K-line in the figure, the price rose from $2275.25 to the recent high of $2702.00, and then entered the adjustment stage. The current price is $2622.09, which is near EMA7 and MA5, indicating that the short-term long and short forces are relatively balanced, but the downward pressure is gradually increasing.
After encountering resistance at $2,700 yesterday, ETH price entered a correction state, with the lowest price falling back to around $2,580. Then the bulls tried to rebound but failed to effectively break through $2,650. Today, ETH is expected to maintain a volatile consolidation pattern. If it fails to break through $2,700 in the short term, the correction pressure will increase.
Moving average analysis:
EMA7: $2510.46: ETH’s current price is above the short-term EMA7, indicating that the overall trend is still bullish, but there may be a risk of a pullback in the short term.
MA5: $2529.45: The short-term moving average is slightly up, indicating that short-term market sentiment remains bullish, but the bullish force shows signs of weakening.
MA30: USD 2372.40: The long-term moving average remains on an upward trend, indicating that the medium- and long-term trends remain relatively stable.
Bollinger Bands:
The current price of ETH is near the middle track of the Bollinger Band, and the upper space is limited. If the price cannot break through the upper track, it may continue to fluctuate near the middle track.
MACD：
The fast line of the MACD indicator has begun to turn downward and is about to form a death cross with the slow line, indicating that there will be great pressure for a correction in the short term and we need to be alert to possible downside risks.
RSI：
The current RSI index is about 55, which is in the neutral zone, but has a downward trend, indicating that market sentiment is cautious and may face a risk of correction in the short term.
2. Support and resistance levels
The first support level: $2,570: This support level is the key point for short-term pullbacks. If the price is supported here, it may restart the upward trend.
Second support level: $2,500: This is a more important support level. If the price falls below this level, it may further fall back to around $2,400.
Resistance level: $2,700: If the price can break through this resistance level, ETH is expected to rise to $2,800, but it is currently difficult to break through.
3. Operation strategy
It is recommended to open positions in batches when the price falls back to US$2,570, with a target price of US$2,700 and a stop loss of US$2,500.
If the price successfully breaks through$2700, you can consider adding positions, and look towards$2800, the stop loss is raised to$2650。
ETH's trend today will be mainly volatile, and needs attention in the short term$2570If it can stabilize here, the price is expected to challenge again.$2700In terms of operation, it is recommended to buy low, avoid chasing high, and control positions and risks.
Today's direction: shock adjustment, focus on the effectiveness of the support of $2,570, mainly buy low, and don't be overly bullish in the short term.
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