1. K-line pattern analysis
 

As can be seen from the figure, ETH opened at 2400 USDT on August 7, the lowest price was 2356 USDT, the highest price was 2588 USDT, and the closing price was 2458 USDT, forming a small positive line with a long lower shadow. This K-line pattern shows that the bulls rebounded strongly near the lower support level, and market sentiment has warmed up.

2. Technical indicator analysis

  1. Moving Average (MA)

    • MA(5)：2405 USDT

    • MA(10)：2430 USDT

    • MA(30)：2550 USDT

The short-term moving averages MA(5) and MA(10) have formed a golden cross, and the price is running above these two moving averages, indicating that the bullish trend in the short term is relatively obvious. Although the medium-term moving average MA(30) is still suppressing from above, the price is close to this moving average, indicating that the medium-term trend is showing signs of strengthening.

  1. Volume

    • Yesterday's trading volume increased compared with the previous few days, which shows that the market is active and the bullish force is gradually increasing.

3. Price trend analysis

Combining the K-line pattern and technical indicator analysis, the future price trend of ETH may have the following situations:

Short-term upside: Driven by the breakthrough of key moving averages and previous resistance levels, the price is expected to continue to rise in the short term, with targets at 2500 USDT and 2700 USDT.

If the price encounters resistance at the current high, it may make a small correction to accumulate momentum, with the support levels at 2400 USDT and 2350 USDT before continuing to move upward.
 

4. Specific operation points

Opening a position

  • It is recommended to open a long position at the current price of 2450 USDT. If the price falls further, you can cover your position at around 2400 USDT.

First take profit position

  • Set at 2500 USDT, this position is an important resistance level in the early stage. If the price can break through this level, the upward momentum will be further enhanced.

Second take profit position

  • Set at 2700 USDT. This position is an important psychological barrier with strong psychological pressure. It is recommended to take profits in batches.

Stop Loss

  • Set at 2350 USDT, this position is an important short-term support level. If the price falls below this level, the short-term bullish trend will be tested.

V. Conclusion

The current price trend of ETH shows strong support at the support level of 2350 USDT. After a sharp rebound in the previous few days, yesterday's K-line pattern and trading volume showed the strengthening of bullish power. Combined with the analysis of K-line patterns and technical indicators, the price is expected to continue to rise in the short term. It is recommended to open a long position near 2450 USDT, with the first stop profit level of 2500 USDT, the second stop profit level of 2700 USDT, and the stop loss level of 2350 USDT. Investors should flexibly respond to market fluctuations, reasonably set stop profit and stop loss levels, and ensure that risks are controllable. In the current market environment, short-term operations should flexibly respond to market fluctuations, while medium and long-term investors can make batch layouts at appropriate points and wait for the benefits brought by price increases.

I have been working in the cryptocurrency industry for many years and I know how precious and ever-changing market opportunities are. In order to help you seize every opportunity in the ever-changing market, I will continue to provide you with the latest market analysis and professional trading strategies.


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