From the short-term chart of Ethereum, the price of the currency hit 3459 and then fell back from highs several times, indicating that there was a lot of selling pressure every time the price tried to rise. The latest hourly K-line is a small negative line, and the closing price is close to the lowest price, indicating that the buyer's power is insufficient in the short term. In the MACD indicator, DIF and DEA are both in the positive area, but the MACD bar has turned from positive to negative, suggesting that the momentum is weakening and there may be further declines.
After the J value of the KDJ indicator exceeds 100, it falls sharply to below 70 and is about to form a cross. The K value and D value also begin to decline, which is usually a signal of adjustment after overbought.
EMA7 shows signs of downward adjustment above EMA15. If EMA7 crosses EMA15 downward, it may confirm a short-term trend reversal.
The trading volume fluctuates greatly on the hourly chart, but the trading volume increases when the price falls, which may indicate that participants are more active in the downward trend.
From the 4-hour chart, the price of the currency quickly fell back after hitting the EMA120 line. EMA120 formed strong pressure above all moving averages. The short-term trend still has a callback range; the current EMA7 will form the first support level when it crosses EMA60, and the second support level is at EMA15 and EMA30
On the daily level, the trading volume on April 8 was significantly reduced compared with the previous day, indicating that the market's interest in the current price level has decreased.
Based on the above indicators, it is recommended to enter the market with the idea of short first and then long. Short at the top near 3440, and long at the bottom 3370-3385 if it does not break
I, Li Hui, interpret the world economic news and analyze the global currency circle trends. During my further studies in the United States, I have conducted in-depth research on BTC, ETH, LTC, DOT, EOS, BNB, SOL and other currencies. For all currency friends who do not know how to operate, please follow the official account: Zhang Lihui
