The weekly line is a small bearish line with long upper and lower shadows, and the trading volume is basically flat compared to last week, which is a normal adjustment trend after a rapid rise.
The price spiked upward to the vicinity of the weekly MA30 line and faced pressure, forming a downward retracement, where the retracement position is just near the upper blue line at 2320, very precise.
The upcoming trend will synchronize with Bitcoin, and there is still a downward retracement. The positions are still between the two blue lines (2320-2530), and we will see where it retraces. Since $ETH's MACD is still below the zero axis, the upward momentum at the weekly level is not as strong as Bitcoin's. Therefore, the downward fluctuating trend after a rapid rise will be relatively difficult to endure, but once it is endured, it will open up a large space for upward movement.
It is still worth buying at lower prices. Once it stands above the MA30 line, it will continue to challenge the $3500 position.
The daily line is also a doji candlestick with long upper and lower shadows. The trading volume is about twice that of the previous day, but it still falls within the recent normal trading volume range and does not show significant expansion, so it still belongs to a normal adjustment trend.
The daily MA30 line maintains an upward trend, and the MACD shows a clear weakening of upward momentum at a slightly distant position above the zero axis. The MACD is about to form a death cross above the zero axis. Therefore, in the short term, the daily level still needs to continue to decline and adjust.
The first target for the decline to retrace is near the blue line and the MA120 line, which is the area of 2250-2320. The second target is near the lower blue line and the daily MA30 line, which is the position of 2130-2070.
The price is adjusting downward; it will not be a large bearish candle breaking directly, but rather a fluctuating downward trend. There is no need to worry too much, and one can still buy in batches at lower prices.
The daily level resistance is at 2750-2860-3065-3260, and the support levels are at 2320-2250-2160-2000.
From Ethereum's liquidation heatmap, we can see
The price is rising, and there are a large number of significant short positions waiting for liquidation in the 2592-2700 range.
The price is falling, and there are not many long positions available for liquidation below.
