According to the latest Ethereum market analysis, the recent rebound has lacked momentum, with multiple attempts to break through the 5,300 key resistance line unsuccessful.
Market sentiment began to weaken in the afternoon, and the market entered a correction phase. The current support level is about 5450. If it falls below this level, it may lead to further downside risks. The hourly chart shows that the market has broken through the support and is trending downward, indicating a weak short-term trend. In the future, the market needs to be alert to the possibility of further breakouts, especially pay attention to the 3430 support, and avoid the risk of a sharp decline. The current market trend is weak, with short-term support at 3320 and resistance at 3530.
According to the current Ethereum market dynamics, the following trading strategy is formulated:
Long and short strategies:
Short entry point: Consider short entry when the price rebounds to the 3495-3525 range.
Covering position strategy: If the price pulls back to around 3610, you can consider covering the position.
Stop loss setting: Set a stop loss within 30 points to control risk.
Profit Target: The target is set in the range of 80-150 points to exit with profit.
Short strategy:
Short entry point: Consider entering a short position when the price falls to the 3320 level.
Covering position strategy: If the market performance drops to around 3240, further covering positions can be considered.
Stop loss setting: Set a stop loss within 30 points to prevent the loss from expanding.
Profit target: The target is set at around 50-100 points, and profits are realized by taking advantage of market fluctuations.
