The hourly trend of Ethereum continues to follow Bitcoin. Although Ethereum wants to establish its own rhythm, it is being held back by the big brother and has no choice.
The daily line is a bullish candle with upper and lower shadows in the form of a doji, which looks better than Bitcoin's closing. The trading volume is about 2.7 times that of the previous day, indicating an increase in volume and a change in hands. If it weren't for the big brother causing trouble, we would have directly seen a volume bullish candle formation.
In recent days, it has been mentioned that funds are continuously flowing into Ethereum. BlackRock, the largest institutional investor in Bitcoin ETFs, has been continuously buying Ethereum. Institutions certainly have a longer-term perspective, so following their lead and benefiting a bit is not a problem.
The daily MACD is showing a weakening downward momentum near the zero axis. As long as a volume bullish candle appears, we will welcome a wave of daily-level rebound and upward trend.
When Ethereum rises, altcoins rise too; it's important to catch the rhythm.
The daily-level resistance levels are 3495-3640-3825-4200, and the support levels are 3280-3220-3100-3020-2870-2750.
The hourly trend is a 5-minute pullback within the 4-hour pullback.
In the short term, you can go long at 3320 and 3220, and short at 3420 and 3520.
From the liquidation heat map data of Ethereum, it can be seen that
The price is rising, and there are a large number of substantial short positions waiting to be liquidated in the 3428-3484 and 3496-3530 areas.
The price is falling, and there are a large number of substantial long positions waiting to be liquidated in the 3300-3256 and 3240-3212 areas.
