5.31 ETH Morning Analysis
Technical Analysis:
Bollinger Bands continue to open downward:
Middle Band: 2597.27, Upper Band: 2657.23, Lower Band: 2537.32
Current price is running near the lower band of the Bollinger Bands, showing weak fluctuations. If it breaks below the 2530 area, it will open up further downward space.
The price is currently maintaining a weak operation between the middle and lower bands, with key support testing between 2530 and 2533.
Candlestick Structure:
A consecutive bearish arrangement has appeared, with the price refreshing the recent low of 2533.20 and then slightly rebounding, indicating that there is speculative activity in the market;
Currently, it has not escaped the downward trend, and the rebound momentum is insufficient.
Capital Flow:
Net outflow of $30.18 million reflects a lack of confidence in capital;
The daily decline reached -3.56%, which is greater than BTC's decline, indicating that ETH is more affected by market sentiment.
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Impact of News
There are reports stating: "ETH spot ETF data is better than BTC", but the actual market has not seen positive capital feedback.
This indicates that even with favorable expectations, the market remains cautious about ETH buying, and the bulls have not formed an effective force.
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Trend Judgment
Short-term trend: Continuing downward, waiting for an effective stabilization signal
ETH is in a state of continuous weakening, with rebounds mostly being weak repairs, unable to stabilize above 2600, and will continue to test lower support in the short term.
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Operational Suggestions:
Short Position:
Entry Point: Near 2580 ~ 2600
Target Point: 2530 / 2490
Long Position (speculating on short-term rebound):
Entry Point: 2520 ~ 2535
Target Point: 2570 / 2590
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Summary:
ETH's performance is weaker than BTC, lacking strong buying support in the short term;
Overall, it is running bearish, and the operation should primarily focus on short positions, with some long positions, while paying attention to position control and stop losses.
