The trend of Ethereum is still synchronized with Bitcoin, with the elder brother leading and the younger brother following. Therefore, the daily line pattern is basically consistent with Bitcoin, but the amplitude is larger than that of Bitcoin.
After the price quickly dropped below the daily EMA52 support line, it returned to the upward continuation platform in the red box, then quickly rebounded, and returned to above the EMA52 line, indicating that the bearish energy was rapidly released in a short period of time, and finally, the bullish strength still held the upper hand.
The next few days will experience slight fluctuations, and then continue to rebound towards the daily MA30 line to test the resistance level. It mainly depends on how the elder brother moves; wherever the elder brother goes, the younger brother follows.
Therefore, there is no direct V-shaped reversal trend for Ethereum. Both the long and short sides have consumed a lot of energy, and after the big battle, a period of recovery is needed.
Daily level resistance levels are 3680-3825-4200-4290-4500, support levels are 3250-3050-2870.
The hourly trend is showing a 1-hour pullback that has not yet been validated, within a 15-minute rebound trend. The 1-hour EMA52 line is a short-term resistance level, and there will be small-level downward corrections. In the short term, you can short-sell in the 3500-3620 range and long-sell at 3356 and 3200, valid for the day.
Based on the Ethereum liquidation heat map data, we can see the price rising. There are a large number of large and extra-large short positions waiting for liquidation in the 3500-3604 and 3720-3830 areas, while there are scattered large long positions waiting for liquidation in the 3360-3170 area.
