Crypto Scholar: Ethereum is about to welcome a new upward cycle on December 29! What is driving it?
Ethereum is currently priced at 3405, back at the top resistance level. The market has reached the downward pressure point, so set good stop-losses and defenses; the rest can be left to time. For those holding coins above 3300, pay attention to whether 3400 can hold. As long as it can't hold, you can take profits. Currently, we are looking at whether the short-term indicators can form a double top at 3410. If the double top fails, the main force will further stretch to hit the major resistance level at 3520, considered as the southward defense point. If it breaks, set a stop-loss. Regardless of the situation, safety comes first.
The daily K-line has a high of 3412 and a low of 3320. Currently, it has broken the EMA60 trend line, with resistance turning into support at 3370. The major Fibonacci retracement level at 0.618 support at 3340 is effective. The EMA15 and 30 trend resistance levels are above 3500. The MACD has shown a continuous reduction in volume and a bottom divergence just formed. Both DIF and DEA have entered below the 0 axis line. The Bollinger Bands are pressing down, with the middle line resistance at 3613 and the lower line support at 3140.
The four-hour K-line golden cross trend is formed. The K-line has broken the EMA30 trend line at 3390, and hitting EMA60 is just a matter of time. This position is not a southward entry point. Be steadier and continue to look up at the EMA90 and 120 trend resistance levels above 3510. The Bollinger Bands are contracting, with the upper line at 3480. Currently, this position is not suitable for chasing the rise. Aggressive traders can try southward entry at 3450, with a defense at 3520. If it breaks, look for an opportunity to exit. If it doesn't break, adjust the average price upward. For those holding coins on the northward trend, if a pullback does not break 3400, you can continue to hold and look for the previous high. Don’t think about taking profits at the highest point; only take profits at the pullback points to reduce the margin of error and stabilize returns.
Short-term reference: Safety first. Remember, the market is never 100%, so always set good stop-losses. Safety comes first; small losses with big gains is the goal.
Northward trial entry point at 3240 to 3200, with a defense at 3150 to 3100, stop-loss of 50 points, and target looking at 3300 to 3350. If broken, look at 3400 to 3450.
Southward trial entry at 3450 to 3500, with a defense at 3550, stop-loss of 50 points, and target looking at 3400 to 3350. If broken, look at 3300.
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