March 6th Thursday Evening Analysis:
After reaching a high of $2318 for Ethereum during Thursday's midday, it entered a fluctuating downward channel.
In the evening, the key support level for Ethereum at $2275 triggered a technical rebound due to a surge in buying activity.
Analyzing the 4-hour candlestick chart, it can be seen that the market previously experienced a significant rise, and the overall trend remains upward. The decline observed during the day actually accumulated stronger upward momentum for the bulls. During the price correction, although Bitcoin touched $89800, the downward momentum could not sustain, failing to form an effective breakthrough, and the subsequent rapid rebound confirmed this. Additionally, the range of this correction did not significantly impact the overall upward trend. The current slight pullback is merely a routine adjustment within the rising trend.
Under the current market conditions, it is expected that the market is unlikely to develop a one-sided trend and is more likely to maintain a fluctuating consolidation pattern. In the short term, the market is still viewed positively, with prices expected to continue rising.
Trading Suggestions:
Bitcoin: buy around 89500-90000, target near 92500
Ethereum: buy around 2250-2280, target near 2350
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