Ethereum (ETH) market analysis and operation suggestions on July 21, 2024
Market Analysis
Daily analysis (D1)
Price trend: Ethereum has shown a strong rebound on the daily chart, rebounding from the previous low of $2880.00 to the current level of $3650.52.
Moving average system: The 10-day moving average and the 20-day moving average are crossing upward, the 50-day moving average has also started to rise, and the 200-day moving average is still at a high level but shows signs of flattening.
MACD indicator: MACD line continues to rise above the zero axis, and the red momentum column gradually expands, indicating that the market buying power is strong and the market is expected to continue to rise in the future.
Four-hour analysis (H4)
Price trend: On the four-hour chart, ETH price maintains a steady upward trend and is currently consolidating around $3650.52.
Moving Average System: The moving average system shows a bullish arrangement. The price has been supported by the 10-hour moving average many times, indicating a strong short-term upward trend.
MACD indicator: MACD fast and slow lines continue to diverge above the zero axis, and the red momentum column continues to increase, showing strong buying momentum.
One-hour analysis (H1)
Price trend: On the one-hour chart, ETH price maintained high fluctuations after breaking through $3550.0 and is currently consolidating around $3650.52.
Moving average system: The short-term moving average system also shows a bullish arrangement, and the price is running close to the 20-hour moving average, indicating a good short-term upward trend.
MACD indicator: MACD line has formed golden crosses above the zero axis many times, and the momentum column has increased in volume many times, indicating that short-term bullish sentiment is still dominant.
Recommendations
Short-term operation suggestions
Long strategy:
If the price breaks through $3700.0, you can consider following up with a long position, with a target price of $3850.0 and a stop loss set below $3600.0.
If the price pulls back to around $3500.0 and shows signs of stabilization, you can consider buying low and exiting the market, with a target price of $3650.0 and a stop loss set below $3450.0.
Short strategy:
If the price is blocked around USD 3700.0 and shows obvious signs of a pullback, consider shorting with a light position, with a target price of USD 3500.0 and a stop loss set above USD 3750.0.
Mid-term operation suggestions
Long strategy:
Hold the existing position and observe the price performance around USD 3700.0. If the resistance level can be effectively broken, the target price can be raised to above USD 4000.0.
If the price fails to break through USD 3700.0 and a clear correction occurs, you can choose to increase your position in batches near the support level.
in conclusion
Overall, Ethereum (ETH) is currently in a rebound phase and is expected to continue to rise in the short term, but attention should be paid to the breakthrough of the key resistance level of $3,700.0. Investors are advised to combine technical indicators and market sentiment in their operations and respond flexibly to market changes.
