Technical analysis and review
Yesterday's trend review
Yesterday, the ETH price showed signs of rebound at a low level, with the MA7 moving average turning upward, and the price re-establishing above key moving averages (such as MA30), indicating a certain rebound demand in the short term. However, the overall trend remains bearish, and the long-term MA100 moving average is still in a suppressive state. The price has not broken through MA100 (around 3698), indicating that the rebound has not yet strengthened.
Current pattern interpretation
K-line pattern: Currently oscillating in the 3450-3500 range, showing characteristics of a rebound with a long lower shadow, but the overhead selling pressure is heavy, and the rebound space may be limited.
MACD indicator: On the 4-hour chart, DIF and DEA are gradually approaching the zero axis, but a golden cross has not yet formed. The bearish momentum bar has significantly weakened, indicating that bearish strength is gradually declining, which is favorable for a short-term rebound.
Bollinger Bands: The middle band (around 3480) forms short-term resistance. If the price can effectively break through this range, it is expected to challenge the upper band (around 3600); if blocked, it may retest the lower band (around 3300).
RSI indicator: RSI is between 40-50, showing that market sentiment is still relatively cautious, but there is some rebound momentum.
Today's operation suggestions
Long position operation
Entry range: 3300-3320
Target 1: 3450
Target 2: 3500
Stop-loss level: 3250
Logic: If the price retests the strong support area around 3300, a light position can be attempted for a long, targeting short-term resistance levels of 3450-3500.
Current market sentiment is relatively cautious, with prices oscillating in the 3450-3500 range. In the short term, it is more likely to see range consolidation or a weak rebound. If the rebound cannot break through 3500, there will still be a need for a pullback later. Conversely, if it breaks through 3550, the rebound strength may increase.
Don't be blinded by short-term fluctuations. Brother Tang teaches you to set goals, advance step by step, and witness wealth explosion with a smile! Follow Brother Tang and take you from confusion to freedom!
