The daily line closed with a small upward candlestick in a doji pattern, with trading volume about half of the previous day. Compared to the previous days, trading volume has been shrinking, indicating low volatility and low trading volume, which means the market is consolidating and a big move is coming.
The daily MACD has returned from the high point to the zero line, showing a weakening downward momentum. If a volume-increasing bullish candle appears in the next couple of days, a daily-level rebound will occur.
BlackRock Group is still buying a large amount of Ethereum. Referring to its previous large purchases of Bitcoin, it indicates that they are optimistic about the upcoming price increase of Ethereum. Following institutional moves should be safe.
As mentioned yesterday, the daily MA30 line is a significant resistance level. A price rebound to this level (around 3690) will likely result in a pullback, making this an important position for taking partial profits on your long positions.
Regardless of the direction, Ethereum has led the altcoins to rebound. As long as Ethereum continues to rise, altcoins will also continue to rebound.
Daily resistance levels are 3580-3680-3825-4200, and support levels are 3330-3200-3020-2870.
The hourly trend is experiencing a narrow range of fluctuations due to a 4-hour pullback encountering the pressure at the 4-hour EMA52 line. The MACD is returning to the zero line, and the 4-hour doesn’t establish a resistance level, making it easy for the price to move above. For short-term trades, short positions can be taken at 3580-3680 and long positions at 3415-3380, effective intra-day.
From Ethereum's liquidation heat map data, we can see
Price increase, with a large number of large and extra-large short positions waiting for liquidation in the 3550-3620 area.
Price drop, with a large number of large and extra-large long positions waiting for liquidation in the 3436-3200 area.
