The weekly level of Ethereum shows a large bearish candle, wiping out the gains of more than two weeks. It plays like an altcoin, completely unlike the previous Ethereum; in front of capital, no matter how glorious you were in the past, you can ultimately only become a plaything of capital. The rise of Ethereum will not easily come to an end; the decline is for a better rise. A significant decline is used to wash out the market, making the majority lose confidence, allowing the main force to lift it better. The weekly level continues to decline, returning to the 2900-3100 range will be a very good position for gradual buying, as the cost price for the majority is indeed in this range. Panic emotions will make many people unable to hold on.
The daily level did not see a continued strong rebound after a quick drop and rebound last Friday, but instead is gradually declining.
According to our previous prediction, the price still needs to go to the red box area, which is the consolidation platform for the rise in November, to seek support.
The upper edge of the platform is around 3200, and the lower edge is around 3020. The support at the upper edge is not very strong; the price may rebound here but will continue to decline. The support at the lower edge will be relatively strong and just happens to be at the position of the weekly MA30 line, so making gradual purchases at this position would be a very profitable trade.
The short-term trend still relies on how Bitcoin moves; the big brother leads while the little brothers follow.
Daily level resistance at 3580-3680-3825-4200, support at 3200-3020-2870.
The hourly trend is moving in a 2-hour pullback within a 1-hour pullback within a 15-minute pullback trend. Short positions can be taken at 3370-3460, and long positions at 3200-3100, valid within the day.
From the Ethereum three-day liquidation heat map,
The price is rising, with some short positions waiting for liquidation around 3350, and a large number of significant short positions waiting for liquidation in the 3408-3516 area.
The price is falling, with a large number of significant long positions waiting for liquidation in the 3216-3160 area.
