Hello everyone! A new day, new challenges and opportunities. Welcome to today's morning review, I am Mr. Crypto Coin! So, before we start a new day, let's take a brief look at yesterday's market trends and see what information and data are worth our attention. Ethereum's performance in the most recent trading day can be described as thrilling. The price once fell to around 2165, the lower track of the daily line, and the outlook seemed worrying. However, just when the market was generally bearish, Ethereum showed strong resistance to falling, successfully stopped the decline and began to rebound. In the early hours of the morning, although there was a step-back action, it did not set a new low, which brought a certain degree of confidence to the market.
Currently, Ethereum is fluctuating around 2225, which has rebounded somewhat from the low of the previous trading day. However, compared with the high of 2719, Ethereum still looks sluggish, having fallen nearly 550 points since then.
ETH Market Analysis
Yesterday, the market fell sharply, breaking through the support level of the 60-day moving average, and the lowest point reached around 2165. Subsequently, there was a strong rebound at this position, forming a long lower shadow negative column. From a technical analysis, this rebound trend shows that the market is supported by the weekly 10-day moving average, and a rebound is expected. However, the weekly chart is very likely to have a big negative line this week, which also means that the possibility of the market continuing to fall is still very high.
Regarding the 4-hour line, the market rebounded again after stepping back to the low point of the last rebound near 2165. This trend formed a large drawing gate pattern. At present, we need to pay attention to whether this position can form a head and shoulders top pattern. At the same time, we must also observe the rebound strength after stepping back to the lower track of the daily line. If it cannot break through the suppression of the Fibonacci retracement line of Shanghefang at 0.786 near 2285, then the market may continue to fluctuate and repair for a period of time, and then it may fall again. Considering the recent large decline and the rebound after stepping back at a key position, it is expected that the market will most likely be dominated by shock repair today.
In general, the market trend is still complex and changeable, and investors need to remain vigilant and operate with caution. In terms of operation, if it does not fall below the support level of 2165, you can consider entering a long order. At the same time, you should also pay attention to the suppression near 2285 to prevent the market from falling again.
Strategic recommendations:
In terms of operation, it is recommended to set stop loss and take profit to cope with market volatility.
· Take-profit targets should be set in batches and consider using trailing stops to protect profits and avoid excessive profit-taking.
risk warning:
· Market conditions are complex and changeable. Strategies are for reference only and actual operations should be performed with caution.
If you are confused about the market or worried about not being able to accurately judge the trend, it is recommended to learn more about blockchain knowledge and market analysis.
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