1. Technical Analysis
According to the chart, the current price of ETH is $3068.76. The recent trend shows that after experiencing large fluctuations, the price has shown signs of certain shock adjustments. The following is a detailed analysis of the technical indicators in the chart:
Bollinger Bands:
The Bollinger Bands show that prices fluctuate near the middle track and the bandwidth has narrowed, indicating that market volatility has weakened and prices may enter a period of shock consolidation.
Moving Average (MA):
The 5-day moving average ($3134.25) and the 10-day moving average ($3132.12) are very close, and the price is oscillating between the two moving averages, facing a directional choice in the short term.
Fibonacci Retracement:
23.6% retracement: $3643.25
38.2% retracement: $3361.53
50% retracement: $3133.84
61.8% retracement: $2906.15
MACD indicator:
The MACD indicator shows that the fast and slow lines have a convergence trend below the zero axis. If a golden cross is formed, it will be a strong buy signal.
KD indicator (KD Stochastic):
The KD indicator formed a golden cross at a low level, and the K value (34.19) and D value (32.64) diverged upward, indicating that the price has the momentum to rebound in the short term.
SAR indicator (Stop and Reverse Indicator):
The current SAR value is $3131.66, and the price is below the SAR value, showing a sell signal, but it is necessary to pay attention to whether the price can break through this position to form a reversal signal.
2. Buying and selling point suggestions
Buy Point:
Initial buy: If the price pulls back to around the 61.8% retracement level ($2906.15) and there are signs of a rebound, you can consider an initial buy.
Add to buy: If the price breaks out and stabilizes above the 50% retracement level ($3133.84), consider adding to the buy position.
Selling point:
First selling point: When the price hits the 38.2% retracement level ($3,361.53), you can consider selling part of your position to lock in profits.
Second selling point: If the price rises further and approaches the 23.6% retracement level ($3,643.25), you can consider selling part of your position again to secure your profits.
3. Take Profit and Stop Loss Position Suggestions
Take profit position:
First take profit: $3361.53 (38.2% retracement)
Second take profit level: $3643.25 (23.6% retracement level)
Stop Loss:
Stop loss: $2906.15 (61.8% retracement level). If the price falls below this level, you should stop loss and exit the market in time to avoid further losses.
4. Market News Impact
Yesterday, a piece of news about Ethereum pointed out that the number of active addresses on the Ethereum network reached a record high, indicating that the market demand for Ethereum remains strong. In addition, the active DeFi (decentralized finance) and NFT (non-fungible token) markets have also brought more trading volume and users to Ethereum. These positive fundamental factors are expected to support the rebound of Ethereum prices in the short term.
Summarize
Buying point: around $2906.15 (initial), above $3133.84 (add positions).
Selling points: $3361.53 (first), $3643.25 (second).
Take-profit level: $3361.53 (first), $3643.25 (second).
Stop Loss: US$2906.15.
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