Ethereum market analysis today: a steady pace amidst market fluctuations, market review and outlook:
Recently, Ethereum (ETH) has experienced a significant correction period, with a drop of over $1000, but the market seems to have found a support point and is gradually stabilizing. To confirm that the market resumes its upward trend, Ethereum needs to break through and hold the key resistance level of $3500. Currently, the market is still waiting for further signals. Daily analysis:
From the daily chart, after Ethereum's seven-day moving average crossed below the 30-day moving average, it did not break below the 60-day moving average and began to rebound, currently operating above the seven-day moving average. Other moving averages still maintain a bullish arrangement, indicating that the market remains in an upward trend. Yesterday, Ethereum broke through the 30-day moving average, and it is currently undergoing a pullback confirmation; as long as the pullback does not break below the seven-day moving average, the market is expected to continue rebounding. The technical indicators at low levels have begun to strengthen upwards, indicating that the market is gradually unfolding a new trend amidst hesitation. Weekly perspective:
From the weekly chart, after two weeks of correction, Ethereum stabilizes near the seven-day moving average in a small bullish candlestick pattern, with all moving averages still maintaining a bullish arrangement, indicating that the market remains strong; the pullback in the bullish market is only to achieve better new highs. The support of the 30-day moving average is evident, and the technical indicators are expected to strengthen again after repair. Monthly trend:
From the monthly chart, Ethereum has formed a V-shaped reversal near $4000, and the technical indicators show a bullish arrangement, indicating that the market is in a bullish trend. Last month's pullback to the seven-day moving average quickly rebounded, indicating strong support around $3100. After consolidation, the market is expected to reach new highs again, and the market for Ethereum this year is worth looking forward to; a dollar-cost averaging strategy will be a wise choice. This year, Ethereum's price is expected to reach $10000. Short-term analysis:
Lastly, from the four-hour chart, Ethereum quickly rebounded to $3500 after retracting to $3300 and is confirming within this range. Multiple moving averages intertwine around $3500 to $3400, indicating fierce competition in this range. It is expected that the support level of $3400 will not be easily broken, and the market is more likely to break upwards. Key levels: • Resistance levels: $3500, $3700 • Support levels: $3400, $3200 Conclusion:
Have a good weekend! Investors, while resting, need not be overly anxious. Every market pullback is a buying opportunity, and adopting a dollar-cost averaging and staggered trading strategy will be the best approach. Let us look forward to Ethereum's performance in the new year.