Ethereum (ETH) daily level technical analysis:
1. Graphical structure
Double bottom structure: The current price has the possibility of forming a double bottom, which is a potential reversal signal.
Support Area: There is clear support near $2,111, which was the point of a previous bounce.
Pressure area: The upper pressure is around $2,740 and $2,900, and the previous highs will also act as resistance.
2. Technical indicators
MA (Moving Average): The short-term MA(7) and MA(25) are starting to turn upwards, with the price likely to break above the long-term MA(99) (price is currently close to MA(99)).
MACD (Moving Average Convergence and Divergence): The DIF and DEA lines show signs of forming a golden cross near the zero axis, and the green energy column begins to shorten, which suggests that there may be a wave of rise.
RSI (relative strength index): The RSI index is around 81.94, which is an overbought area, which means there may be a risk of a pullback in the short term.
3. Target price
Short-term price target: $2,900 to $3,000, an area that represents prior highs and could create pressure.
Medium-term price target: If it breaks through the pressure zone, it may challenge $3,386 to $4,070.
4. Take profit and stop loss price
Take Profit: Depending on your goals, you can set your take profit between $2,900 and $3,000.
Stops: The support at $2,111 is a key stop and if the price falls below this, further losses are likely.
In summary, prices may have upward momentum, but the overbought status of RSI implies that there may be a correction in the short term, and we need to be alert to the risk of correction.
