Technical analysis and review
Yesterday's trend review
Yesterday, ETH price showed signs of rebound at a low level, the MA7 moving average turned upward, and the price re-established above key moving averages (such as MA30), indicating a certain rebound demand in the short term. However, the overall trend remains bearish, and the long-term MA100 moving average is still in a suppressive state, with the price not breaking through MA100 (about 3698), indicating that the rebound has not yet turned strong.
Current pattern interpretation
K-line pattern: Currently oscillating in the 3450-3500 range, exhibiting the characteristics of a rebound with a longer lower shadow line, but there is heavy selling pressure above, which may limit the rebound space.
MACD indicator: On the 4-hour chart, DIF and DEA are gradually approaching the zero axis, but a golden cross has not yet formed. The bearish momentum bar has significantly weakened, indicating that bearish strength is gradually fading, which is favorable for a short-term rebound.
Bollinger Bands: The middle band (about 3480) forms short-term resistance. If the price can effectively break through this range, it is expected to challenge the upper band (about 3600); if blocked, it may retest the lower band (about 3300).
RSI indicator: RSI is between 40-50, indicating that market sentiment is still relatively cautious, with some rebound momentum.
Today's operation advice
Long position operation
Entry range: 3300-3320
Target position 1: 3450
Target position 2: 3500
Stop loss position: 3250
Logic: If the price retests the strong support area near 3300, a light position can be attempted to go long, targeting the short-term resistance level of 3450-3500.
Current market sentiment is relatively cautious, with prices oscillating in the 3450-3500 range. In the short term, a range consolidation or weak rebound is more likely. If the rebound cannot break through 3500, there will still be a need for a pullback. Conversely, if it breaks 3550, the rebound strength may increase.
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