Hello everyone, I am Openg. Today is May 2nd in the afternoon. The K-line of Ethereum has formed a certain degree of downward trend in the last few hours, with the price dropping from the 1840 level to around 1828 currently.
The daily chart shows significant volatility. After a sharp rise on May 1st, it is now facing some downward pressure.
From a technical indicator perspective:
The MACD in the one-hour cycle continues to show negative values, with both the fast and slow lines spreading downward. Recently, the distance has begun to narrow, showing signs of strengthening; the daily MACD is slightly upward, but still remains below the zero axis, indicating that the market may still be showing weakness.
The RSI is approaching the edge of the oversold area in the one-hour cycle (47.10), but the daily RSI value remains stable at around 58, indicating that the previous rebound has positively impacted the daily chart.
The EMA moving averages show that the short-term cycle moving average 7 has crossed above 30 and touched the 120 EMA, suggesting a possible need for continued adjustment at both hourly and daily levels. Additionally, the EMA 7 is below EMA 30, and the price is close to the EMA 120 support level near 1836. A drop below this will lead to further declines.
The one-hour trading volume has decreased in the past few K-line charts, indicating that market trading activity is declining, and the downward trend may continue.
To summarize: the market is overbought, bearish. Finally, I wish everyone a happy Labor Day.
The daily chart shows significant volatility. After a sharp rise on May 1st, it is now facing some downward pressure.
From a technical indicator perspective:
The MACD in the one-hour cycle continues to show negative values, with both the fast and slow lines spreading downward. Recently, the distance has begun to narrow, showing signs of strengthening; the daily MACD is slightly upward, but still remains below the zero axis, indicating that the market may still be showing weakness.
The RSI is approaching the edge of the oversold area in the one-hour cycle (47.10), but the daily RSI value remains stable at around 58, indicating that the previous rebound has positively impacted the daily chart.
The EMA moving averages show that the short-term cycle moving average 7 has crossed above 30 and touched the 120 EMA, suggesting a possible need for continued adjustment at both hourly and daily levels. Additionally, the EMA 7 is below EMA 30, and the price is close to the EMA 120 support level near 1836. A drop below this will lead to further declines.
The one-hour trading volume has decreased in the past few K-line charts, indicating that market trading activity is declining, and the downward trend may continue.
To summarize: the market is overbought, bearish. Finally, I wish everyone a happy Labor Day.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
BTC
96,632.25
+1.26%
