In the previous trading day, Ethereum experienced a round of pullback after reaching a high of 2613. The 4-hour line formed a top model, reaching a low of around 2505, and then rebounded, but fell again after reaching 2535.
Yesterday, the market performance was a retracement near 2613, and continued to fall. Although the breakout volatility intensified in the evening, it failed to stabilize the upper support, forming a negative line, and there were signs of breaking the support. Various technical indicators also showed a downward trend, triggering market speculation on whether there will be a wave of short-selling before the Cancun upgrade. It is worth noting that there was a large increase in the market before the Shanghai upgrade last year, so we need to pay attention to whether this retracement is a behavior before the upgrade, but investors still need to be cautious in chasing shorts. Judging from the current trend, the bearish momentum is still dominant, and the support near 2500 is concerned below.
The 4-hour line formed a top model after yesterday's market rebounded to a high of 2613, and the signal of the evening star appeared, and then the market continued to fall. The support near 2550 mentioned earlier was touched in the current market. If it breaks, there will be a possibility of continuing to fall. Investors can short at highs when rebounding. This morning, the market formed a number of long lower shadows, and 2500 also showed a certain support. The volume is reduced and the indicators of the 1-hour line show signs of rebound in the short term. In the short term, the market will rebound slightly after the pin near 2510, but it should be noted that there is suppression at the Fibonacci retracement line of 0.382 near 2558. If the rebound fails to break through this level, the market may continue to be bearish. When it falls below 2500, investors are also advised not to blindly chase the short position, because there is also a certain support near 2490.
This technical analysis provides an in-depth look at Ethereum’s recent performance, allowing investors to flexibly adjust their strategies based on market changes.
Finally, what Lao Lin wants to say is that there are still many things that have not been expressed, and not everything can be understood through just one article. You can continue to follow Lao Lin, and let us create brilliance together in the new round of bull market!
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