Today's market analysis: $ETH

From the daily level, yesterday's rise and rebound broke through the Fibonacci 0.382 position of 2665, but did not stand firmly above 0.382, did not form a strong rebound, and directly fell below, which is still unfavorable to the bulls. We must see ETH break through the Fibonacci 0.5 position of 2835 and rebound to confirm the bullish trend. From the perspective of the RSI relative strength index, it is below the middle track and sticks to the moving average. There is no oversold or overbought, and there is no obvious trend.

From the perspective of the four-hour technical indicators, ETH formed a convergent triangle during the rebound process and achieved a breakthrough, so at present, the bullish trend is dominant. We need to see ETH rebound from the upper track of the convergent triangle. We can consider entering the market. If it directly falls below the kneeling during the callback process, it is considered that this period of market is a false breakthrough and will retest the previous low.

From the VPVR chip concentration area indicator, the chip concentration area below is relatively dense at 2050, 1800, and 1635. These three positions should have relatively strong support. Therefore, ETH's current rebound price range is a vacuum period for chips, and there may be relatively large fluctuations.

Based on the above analysis, we adopt a low-to-long strategy:

Long: 2550-2600

Stop profit: 2650, 2700, 2800

Stop loss: 2500