The bullish trend for ETH is still present, but there is a pullback warning in the short term! Hello everyone, I am Oupeng, and today is the morning of May 10.
In the past few days, Ethereum has experienced a continuous rise with bullish candles dominating the market, with highs and lows rising in sync, forming a standard upward trend structure. However, as the market enters a high-level fluctuation phase, pullback signals have quietly emerged, which we should be vigilant about.
From a technical structure analysis perspective, the upward momentum is slowing down, and one should be cautious of a pullback after reaching a high.
The MACD indicator had previously shown a significant increase in red, indicating concentrated bullish funds entering the market; however, the current short-term has fallen below the zero axis and entered negative territory, showing that there may be some adjustment pressure in the short term.
The RSI indicator has maintained a strong area above 60 for a long time, and the overall bullish pattern is still dominant; however, there are slight signs of a pullback recently, suggesting a need for technical price correction.
In terms of the EMA moving average system, EMA7 is still steadily above EMA30 and EMA120. The short-term structure has not been damaged, and the trend remains, although the momentum is not as strong as before.
> In summary, Ethereum is still operating within a bullish trend channel, but short-term momentum is weakening, and one should be cautious of pullback actions after high-level fluctuations.
Then let's take a look at the trading volume. Is the high-volume activity in Ethereum indicating that the main forces are quietly unloading?
Since May 9, Ethereum has welcomed a wave of increased trading volume and surge, indicating that major funds are entering the market to push up prices.
However, in the past two days, trading volume has gradually decreased. Although it is still at a relatively high level, it indicates that some funds may have chosen to exit the market temporarily, and the market may enter a 'consolidation period.'
> In summary, the volume-price structure shows that upward momentum is weakening. If it cannot continue to increase in volume for an upward attack, the market may enter a sideways phase or even retest support.
My strategy suggestion:
The current market is characterized as 'cooling within strength.' Investors are advised to pay attention to key support levels below, such as the 2260-2280 area; if it stabilizes after a pullback, one may consider buying on dips. If it continues to decrease in volume and falls below this range, short-term profit-taking is necessary, and one should wait for clear short-selling signals. Lastly, a reminder: the 1-hour level of Ethereum is still in a bullish trend, and the overall main idea remains 'looking bullish after adjustments,' avoiding chasing prices at high levels.
Previously, that was the entire content for today. This is just a starting point for everyone's reference. Finally, I wish everyone a fruitful day today, and don't forget to like and save.