The movement of Ethereum follows that of Bitcoin. The rebound volume in the past few days has been decreasing, indicating a weakening rebound momentum. Yesterday, a long-bodied bearish candle with short upper and lower shadows was formed, suggesting that prices may further decline.
The support level remains in the red box area. Returning to this level for continued oscillation and adjustment for a period of time, followed by accumulation of strength before continuing to rise, would be healthier.
The position in the red box (3020-3220) has been mentioned before; it serves as a midpoint platform for the daily-level rise from November to December, thus providing strong support.
For the short-term trend, just look at Bitcoin; where the big brother goes, the little brothers follow.
Daily-level resistance levels are 3550-3680-3825-4200, and support levels are 3220-3020-2870-2750.
The hourly trend moves along the 4-hour retracement with a divergence appearing in the 15-minute retracement.
In the short term, short positions can be made at 3400-3560, and long positions at 3240, effective for intraday trading.
From the Ethereum three-day liquidation heat map data, we can see that
Price is rising, with a large number of significant short positions waiting for liquidation in the 3352-3492 and 3520-3620 regions.
Price is falling, with a large number of significant long positions waiting for liquidation in the 3296-3216 region.
