Combining the uploaded candlestick chart, we can see that ETH has shown a significant upward trend recently, entering an accelerated rally phase after November 28, with the price once touching a high of $3742. Currently, the price is at $3672.89, and after a slight adjustment, it still stands above the important support range. Below is a specific analysis and operational suggestions based on technical indicators.
Yesterday's market review and technical analysis
Trend Analysis:
Since November 27, ETH's price has shown a continuous upward trend, especially after breaking through $3600, a rapid rise occurred, and it is currently adjusting. The short-term trend is still bullish.
Moving Average Analysis:
MA5 (yellow line) and MA10 (purple line) still maintain a golden cross state, and short-term upward momentum has not been fully exhausted.
MA10 provides support for the price, currently around $3696. Losing this moving average may trigger a deeper adjustment.
Trading Volume:
After a large increase in volume yesterday, today's early trading volume has weakened, and market sentiment is becoming cautious.
Support levels: $3600 (short-term psychological support) and $3550 (key support)
Resistance levels: $3740 (yesterday's high) and $3800 (short-term upper pressure)
Based on current market sentiment and technical analysis, ETH may maintain a slightly strong oscillating trend, with a key focus on whether the $3600 support level can hold. If bullish momentum strengthens, the price may attempt to break through the $3740 high.
Core Prediction: In the short term, ETH will oscillate in the $3600-$3740 range. If it breaks through $3740, it may further explore $3800.
Trading Strategy
1. Opening Position Suggestions
Opening position: Gradually build long positions in the $3630-$3650 range, focusing on the effectiveness of the $3600 support.
2. Take-Profit Settings
First take-profit level: $3720 (short-term target)
Second take-profit level: $3800 (potential peak after bullish momentum)
3. Stop-Loss Settings
Stop-loss level: $3550 (exit if key support is lost to avoid further losses)
4. Risk Control and Position-Adding Strategy
If the price pulls back to around $3600 and stabilizes, consider adding positions moderately.
If it falls below $3550, decisive stop-loss and wait-and-see are required.
ETH's short-term trend remains bullish, but market momentum has weakened. Close attention is needed on MA10 support and changes in trading volume. The current focus is on controlling pullback risks while seizing opportunities for price recovery.
Short-term traders should strictly execute stop-loss and take-profit levels to avoid expanding losses due to sudden market changes.
Medium to long-term investors can gradually position in the $3550-$3600 range, targeting $3800-$4000.
ETH's performance today may focus on oscillation and consolidation, leaning short-term bullish. Bulls still need to break through the $3740 high to further open upward space, otherwise, the price may repeatedly adjust between $3600 and $3740.
ETH remains robustly bullish, but caution is needed for short-term pullback risks. Follow Mr. Qiu for more timely market analysis!
