$ETH The rising angle encounters resistance, and the whale retreats with hidden murderous intent!
Last night, the price of ETH fell back after testing the upper rail of the ascending triangle at $2,738, verifying the effectiveness of this resistance level. The current technical aspect shows that it is difficult for ETH to break through independently against the background of BTC's weak trend. The price is currently near the upper rail of the Bollinger Band, and it faces short-term correction pressure.
From the technical indicators, although the daily level shows a long arrangement of moving averages, MACD shows signs of top divergence. The 4-hour level shows that the rebound high point gradually moves down, forming a downward channel. It is worth noting that the ETH/BTC exchange rate continues to weaken, which further limits the upside of ETH.
In terms of strategy, it is recommended to wait for the price to fall back to the support area of $2,550-2,580 before arranging long orders. It is worth noting that the current long position in the contract market accounts for too high a proportion, and there is a risk of liquidation.
The market is about to usher in the release of the US core PCE data, which may become a catalyst for the market. On-chain data shows that whale addresses have continued to reduce their holdings recently, and the stock of exchanges has increased significantly. These signals are worthy of vigilance. Investors are advised to control their positions and do a good job of risk management.
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