Ethereum experienced a large retracement yesterday. After hitting a new high of 3035 in the morning session, it fell back several times. It rebounded after hitting a low of 2868 in the evening session. It continued to rise again in the evening, but encountered resistance near 2980. It is currently trading around 2940.
In recent days, the trend of retreat in the morning and rebound in the US market has continued. Yesterday's long order layout finally ushered in a return this morning.
Ethereum market analysis: After reaching the high of 3035 in the morning yesterday, it quickly retreated to form a long lower shadow hammer line. This morning's rebound was suppressed near 2980 and retreated to the support near 2920. The technical side shows that MACD is shrinking and other indicators are trending downward. Overall, if it cannot successfully break through and stabilize above 3000, it may continue to retreat to the support below. The daily trend of Bitcoin is downward, and with only two months to the halving, Ethereum may usher in an unusual trend. It is necessary to be cautious about chasing highs and beware of the trend of going long before the big rise. "
4-hour internship, the market has been volatile recently, with a fierce battle between long and short positions around 3000 points. Last night, it tested the Fibonacci retracement line 0.5 and then rebounded, but was suppressed by the upper 0.236 in the morning and stepped back again, forming a back-and-forth oscillating trend. From a technical point of view, the technical indicators have a downward trend, and the bullish trend has weakened. The current market is near the support of the middle track of the 4-hour line. If it falls below this support, it may test the support near the lower rising trend line, which is about 2885. Recently, the white market has been dominated by oscillating declines, and there has been a more obvious rebound in the late market. If the 3000 point is hit many times and fails to break through, it may usher in a larger wave of stepping back. For the vicinity of 3000, it is recommended to chase more cautiously.
Trading suggestion: Establish long orders when the price falls back to around 2870-2890, with the target at 2935-2975 and the stop loss at 2850.
