From the 4-hour candlestick chart of ETH, we can see that the price has fallen rapidly from the recent high of 4109.99, and has now fallen below the short-term moving average (MA7, MA30) support, and is close to the lower edge of the previous oscillation range of 3580. Combining technical indicators and price patterns, the market is short-term bearish, and it is expected that the price may continue to pull back or rebound technically today.
Yesterday's Trend Review
After hitting a high, the ETH price continued to fall, reaching a low of 3581.52, and the market short-selling force was strong.
Support level: 3550-3600 (lower edge of the previous oscillation range).
Pressure levels: MA30 (3893.02) and MA7 (3773.88).
Market sentiment: The current market is bearish, but it is close to an important support area in the short term and there is a chance of a technical rebound.
Today's trend analysis
The short-term moving averages (MA7, MA30) diverge downward, indicating that the bearish trend continues.
The medium-term support of MA100 (3851.07) has been lost, and in the short term we need to pay attention to the effectiveness of the previous low of 3550.
The current K-line forms a sharp drop in the downward trend. In the short term, we need to pay attention to whether the decline will stop and rebound.
RSI: It quickly fell below 30 and is in the oversold range. A rebound may occur in the short term.
MACD: Double lines cross, and the green column continues to expand, indicating strong downward momentum.
Trading volume: Yesterday's sharp drop was accompanied by a surge in trading volume. If the volume shrinks today, there may be a shock recovery.
Operation strategy and point setting
Direction 1: Bullish (support rebound)
Opening position: 3550-3580 (previous low support area)
First stop profit position: 3750 (short-term rebound pressure position)
Second stop profit position: 3850 (MA100 moving average resistance level)
Stop loss: 3520 (stop loss if it falls below support)
The price of ETH is approaching an important support area. If the 3550 support is effective, the market may usher in a technical rebound and you can try to buy low.
Direction 2: Bearish (continue to decline)
Opening position: 3750-3770 (open short position when it rebounds to near MA7 pressure)
First stop profit level: 3580 (support target)
Second stop profit position: 3450 (further down from previous low)
Stop loss: 3800 (break through short-term pressure stop loss)
If the price rebounds and is blocked near MA7, it shows that the short-selling force is still strong and the market may continue to test the 3550 support level or even break below it.
If the rebound is not strong enough, the price may fall below 3550 directly, and a flexible stop loss is required. If it falls below 3550, the market may open up downward space, with the target looking at 3450 or lower. Macro or news factors may cause market sentiment fluctuations, and positions need to be adjusted flexibly.
The current market is dominated by a bearish trend. In the short term, focus on the 3550 support and 3770 resistance areas. It is recommended to test the operation with a light position, stop loss and take profit in time, and control risks.
