The daily line is a bearish candlestick with long upper and lower shadows, and the trading volume is about a quarter more than the previous day. The price has risen first and then fallen on an hourly basis, aligning with our previous discussion of a rise followed by a false breakout and then a falling retracement.
The daily MA30 line is still in an upward trend, so the upward trend at the daily level has not yet ended. Due to three consecutive days of large bullish candles, the price has deviated significantly from the MA30 line, along with significant exhaustion of bullish power. Additionally, the MACD is also showing signs of weakening upward momentum, so a downward retracement is quite natural.
I still believe that the range for the retracement will be between the two blue lines, with the upper blue line located near 2320, which happens to be near the MA120 line. This will be a strong support level in the near term. When the price reaches here, it will oscillate at the daily level, building an upward continuation platform before continuing to rise, which is the best scenario.
From the perspective of momentum theory, this wave of increase is at the 12-hour level. It has currently rebounded to a 2-hour support level within the 12-hour timeframe. Short-term long positions can be taken for the next 4 hours, 8 hours, and 12 hours.
Daily level resistance at 2695-2890-3065-3260, support at 2390-2260-2160-2000
From the Ethereum liquidation heatmap, it can be seen that
the price has risen, with a large number of significant short positions waiting for liquidation in the 2504-2612 and 2524-2676 ranges
the price has fallen, with a large number of significant and super-sized long positions waiting for liquidation in the 2408-2320 range
