$ETH 12 December 29th Market Analysis
The weekend market was relatively volatile, with a slight rebound in Ethereum and Bitcoin in the early hours being a normal adjustment of short-term cryptocurrency prices within a triangular range. Now we are just waiting for the adjustment to end and for the price to break out of the range (personally, I am still more optimistic about a downward movement).
On the daily chart, the focus remains on BOLL and MA moving averages. Due to weak volume over the weekend, it is advisable to refer to indicators with larger levels. Currently, the cryptocurrency price is still below the five-day moving average, connecting with the red TD3 for a bearish arrangement. The overall weakening of BOLL indicates that there is strong selling pressure above. The trading volume continues to decrease, which basically indicates that the market is still in a triangular range, continuing its volatile adjustment. Now we are just waiting for the adjustment to end; Ethereum is likely to continue to decline with increasing volume.
On the 12-hour chart, the KDJ has once again turned downwards and weakened, and BOLL is continuing to show weakness. The main chart shows the cryptocurrency price currently sticking to the five-day and ten-day moving averages (which indicates that there is not much strong volume sentiment in the short term). The high MA30 continues to decline, and the downward sentiment remains quite strong. Therefore, my current short-term view is that after Ethereum breaks out of the volatile range, it will likely continue to decline with increasing volume, with the key support for the market still referring to the 3100-2900 area.
