The daily chart shows another doji candlestick pattern, and the trading volume has remained normal without significant changes.
Ethereum has been oscillating in a narrow range here for 8 days. If the price stays high for too long, it will eventually fall, but if it stays low, the longer it consolidates, the stronger the rise will be. Ethereum is waiting for a breakout point, which could be driven by news or technical factors.
The hourly trend will continue to follow Bitcoin, with relatively small fluctuations.
The pressure from the EMA52 line on the daily chart will decrease as the price consolidates. The view remains the same as yesterday, with two potential trends for Ethereum:
1. A large bullish candlestick breaks above the 1890 level, directly reaching the 2000-2120 range before pulling back.
2. Continue to sluggishly follow Bitcoin, going through a wave of daily chart-level downward oscillation, returning to the 1600-1680 area for a second bottom test before rising again.
As for how it will unfold, we'll take it step by step without guessing. Whatever happens will happen. However, regardless of the short-term movements, the upward trend of Bitcoin on the weekly chart has been confirmed, so Ethereum will definitely have a good upward performance.
Daily chart resistance levels are 1890-2120-2310, and support levels are 1740-1688-1540-1460.
From Ethereum's liquidation heatmap, we can see a large number of long and short contracts accumulating. Regardless of whether the price goes up or down, a significant number of contracts will be liquidated.
As the price rises, there are many large and extra-large short orders waiting for liquidation in the 1832-1896 range.
As the price falls, there are many large and extra-large long orders waiting for liquidation in the 1772-1692 range.
