Li Shengting: 12.10 Ethereum Midday Market Analysis and Trading Ideas
Early this morning, the price of Ethereum dropped sharply again, with a low point piercing down to around 3470. I mentioned earlier that the price would drop sharply again. From the daily technical indicators, the TD indicator is currently in a lagging state, and the K-line has closed at a red TD1, so the technical indicators are still in the repair stage. At the same time, the drop this morning just touched the MA30 daily moving average, reflecting that the chips at the bottom are still relatively concentrated. Currently, the bearish sentiment has not completely ended, as the KDJ technical indicator and MACD technical indicator are still showing a dead cross resonance decline. Additionally, the weekly TD technical indicator needs to be repaired, so the ultra-short-term Ethereum is likely to undergo a second exploration downwards. The bottom support can be focused on the area around 3612-3478. If the range support cannot be effectively broken down, then the bulls will have a chance to launch a second attack towards new highs.
From the 4-hour technical indicators, the KDJ technical indicator and MACD technical indicator are in a dead cross resonance decline. The BOLL technical indicator has seen the price break below the middle track area. At the same time, the MA5 and MA10 daily moving averages are crossing and weakening. Currently, the price is constrained by the continuous suppression of the MA30 daily moving average, reflecting that the selling pressure is far greater than the bottom chips. Thus, there is a high probability that the price will continue to show a bearish sentiment today. To put it more clearly, this round of decline has not completely ended.
Ethereum: Short position around 3745-3775, Stop Loss: 3817, Target: 3660-3580
Bitcoin: Short position around 97400-97800, Stop Loss: 98700, Target: 96600-95300
