The weekly chart shows a small bullish candle with a long upper shadow and a short lower shadow, resembling a doji pattern. The trading volume is nearly half more than the previous week, but it is basically consistent with the previous weeks.
The price first rose and then fell, attempting to break through the weekly MA30 line and the upper edge of the red box, but after a short-term surge, it was suppressed below the weekly MA30 line.
Currently, there have been five consecutive weeks of this doji pattern on the weekly chart. On one hand, it indicates significant upward resistance; on the other hand, the main force is also trying to use this method to shake out positions.
The weekly MA30 line is still showing a downward trend, and the MACD is slowly returning to the zero axis from below, indicating an increase in bullish momentum.
In the short term, the price will still follow this oscillating trend, waiting for the weekly MA30 line to turn upward. Only after the MACD crosses above the zero axis will the true price increase path begin.
The daily chart shows a small bullish candle with short upper and lower shadows. The trading volume is basically flat with the previous day, and is less than one-third of the average trading volume on weekdays. The trading volume was very low over the weekend, which is normal. After the U.S. stock market opens on weekdays, the trading volume will return to normal.
The daily MA30 line is currently showing a flat trend, and the MACD is showing an increase in bearish momentum just above the zero axis.
The daily chart has ended a four-day consecutive decline, and the downward momentum has temporarily halted. There will still be hourly-level rebound trends appearing, but how it moves will still depend on Bitcoin's performance.
When Bitcoin falls, Ethereum will definitely follow suit.
The resistance levels at the daily chart are 2600-2730-2960-3060, and the support levels are 2420-2320-2200-2130.
From the Ethereum liquidation heat map, it can be seen that
the price has risen, with a large number of significant and super-sized short positions waiting to be liquidated in the 2560-2660 area.
the price has fallen, with a large number of significant and super-sized long positions waiting to be liquidated in the 2484-2392 area.
