This is the daily trend chart of Ethereum. Below are the interpretations of the key elements in the chart:
Price Information
• Current Price: 2516.37, down 22.90 from the previous trading day, a decrease of 0.90%. The opening price for the day was 2539.27, the highest price was 2541.87, and the lowest price was 2513.58.
Key Levels
• Support Level: The price level where a rebound may occur when the price declines. The support level in the chart is 2452.64, which means that when the price approaches this level, it may stop falling due to increased buying power.
• Range Resistance Level: 2605.75, when the price rises to this range, it may face selling pressure, hindering the upward momentum.
• Top Resistance Level: 2738.29, a strong resistance level that the price faces when moving upwards, making it difficult to break through.
Trend Line
• Uptrend Line: A line connecting the price lows that indicates the overall rising trend of the price. As long as the price fluctuates above this trend line, the bullish trend remains relatively stable; if it falls below this line, it may indicate a trend reversal.
The operations are as follows:
Currently, the bearish outlook continues. If it drops near the support level of 2452, one can consider entering a long position. The first take-profit target can be set at 2544. If it breaks this level, one can continue to hold and aim for the range resistance at 2606 to take profit and exit!
