Ethereum market analysis today: Steady pace amid market volatility Market review and outlook:
Recently, Ethereum (ETH) has experienced a significant correction period, falling by more than $1,000, but the market seems to have found support and is gradually stabilizing. To confirm that the market has resumed its uptrend, Ethereum needs to break through and hold the key resistance level of $3,500. At present, the market is still waiting for further signals. Daily analysis:
From the daily chart, after the 7-day moving average crossed the 30-day moving average, Ethereum did not fall below the 60-day moving average before it began to rebound, and is currently running above the 7-day moving average. Other moving averages remain in a bullish arrangement, showing that the market is still in an upward trend. Yesterday, after Ethereum broke through the 30-day moving average, it is currently undergoing a correction to confirm. As long as the correction does not fall below the 7-day moving average, the market is expected to continue to rebound. Technical indicators have begun to strengthen upward at a low level, showing that the market is gradually opening up a new market in hesitation. Weekly perspective:
From the weekly chart observation, after two weeks of correction, Ethereum stabilized near the seven-day moving average with a small bullish candle, and all moving averages remain in a bullish arrangement, indicating that the market is still strong; the correction in a bullish trend is merely to facilitate better new highs. The support of the 30-day moving average is evident, and after the technical indicators are repaired, they are expected to strengthen again. Monthly trend:
From the monthly chart, Ethereum has formed a V-shaped reversal near $4000, and the technical indicators show a bullish arrangement, indicating that the market is in a bullish trend. Last month's pullback quickly rebounded after touching the seven-day moving average, suggesting strong support around $3100. The market is expected to reach new highs again after consolidation, and Ethereum's performance this year is worth looking forward to. Dollar-cost averaging strategy will be a wise choice, and Ethereum's price is expected to reach $10,000 this year. Short-term analysis:
Finally, from the four-hour chart perspective, Ethereum quickly rebounded to $3500 after pulling back to $3300 and confirmed within this range. Multiple moving averages are intertwined around the $3500 to $3400 area, indicating fierce competition in this range. It is expected that the support level of $3400 will not be easily broken, and the market is more likely to break upwards. Key levels: • Resistance: $3500, $3700 • Support: $3400, $3200 Conclusion:
Happy weekend! Investors need not be overly anxious while resting. Every market pullback is a buying opportunity, and adopting a dollar-cost averaging and gradual buying and selling strategy will be the best approach in operations. Let us look forward to Ethereum's performance in the new year.