The trend of Ethereum is significantly stronger than its 'big brother' Bitcoin, with a weekly bullish candle that has a short upper and lower shadow and a relatively long body. The combined bullish candle bodies of the last two weeks have already exceeded half of the large bearish candle's body, and the upward trend will continue.
The weekly level perfectly completed a liquidation of leverage and contracts during the previous large bearish candle; with the load lightened, it will be easier to pull up.
We have been continuously telling and reminding everyone to hold onto the spot purchased at low prices around 2000, and not to be easily deceived into selling. The upward trend at the weekly level has not ended; we will not take profits on our spot positions.
Hold onto your spot positions and wait for Ethereum's main upward wave to appear.
On the daily level, the price is still above the daily MA30 line, showing a small bearish candle with short upper and lower shadows, and the trading volume is nearly half less than the previous day, indicating a shrinking and narrow fluctuation trend.
Starting from Sunday, for three consecutive days until Tuesday, the daily closing remains above the MA30 line. Even if it stabilizes, we only need to wait for the MA30 line to flatten, and if a large bullish candle appears on the daily level, then the upward trend will re-emerge.
In terms of operations, the strategy remains to buy on dips, while also being cautious of potential rapid downward spikes at the hourly level that could trigger leveraged and contract movements, so high-leverage long positions must have a good stop-loss set.
In the spot market, we can still buy in batches on dips, and a conservative approach would be to wait for the MA30 line to turn, buying when the price pulls back.
The daily level resistance points are 3700-3825-3980-4200, and the support points are 3525-3440-3300-3200
The hourly trend is showing a 30-minute rebound within a 1-hour rebound, with a new high appearing, forming a top divergence pattern that pulls back to the 1-hour EMA52 line, showing a trend of insufficient upward momentum.
In the short term, we can go long at 3560, and short at 3720 and 3800
From the liquidation heatmap data of Ethereum, we can see
the price is rising, with a large number of significant short positions waiting to be liquidated in the 3660-3772 range
the price is falling, with a large number of significant long positions waiting to be liquidated in the 3588-3444 range
