The hourly trend of Ethereum is still following Bitcoin. Although Ethereum wants to establish its own rhythm, it is unfortunately being held back by its big brother.
The daily line is a bullish candlestick with upper and lower shadows in the form of a doji, which looks better than Bitcoin’s close. The trading volume is about 2.7 times that of the previous day, indicating increased volume and turnover. If it weren't for the big brother causing trouble, it would have directly formed a large bullish candlestick.
It has been mentioned repeatedly in recent days that funds are continuously flowing into Ethereum. BlackRock, the largest fund inflow institution for Bitcoin ETFs, has been continuously buying Ethereum. Institutions definitely have a longer-term vision, so following their lead and getting a little benefit is not a problem.
The daily MACD is also showing a weakening downward momentum near the zero axis. As long as a bullish candlestick with increased volume appears, a daily-level rebound will follow.
Ethereum rises, altcoins rise; it is important to keep the right rhythm.
Daily level resistance points are 3495-3640-3825-4200, and support points are 3280-3220-3100-3020-2870-2750.
The hourly trend is a 5-minute pullback within the 4-hour rebound.
In the short term, longs can be made at 3320 and 3220, and shorts can be made at 3420 and 3520.
From the liquidation heatmap data of Ethereum, it can be seen that
The price is rising, with a large number of significant short positions waiting to be liquidated in the 3428-3484 and 3496-3530 regions.
The price is falling, with a large number of significant long positions waiting to be liquidated in the 3300-3256 and 3240-3212 regions.
