The cryptocurrency market is never short of excitement. The ETH 1-hour K-line chart reveals the intense battle between bulls and bears!
First, let's look at the price trend. The current ETH price is fluctuating around 2550.33. The MA7 and MA30 moving averages are both turning upwards, indicating a potential golden cross with the long-term moving averages. This is a signal that the bulls are trying to gain momentum. The EMA indicators also show a similar rhythm, with the short-term EMA crossing above the long-term EMA, suggesting that the short-term momentum is leaning towards the bulls.
Next, regarding trading volume, although there hasn't been a surge in volume, the recent rise has seen a moderate increase in volume, indicating that funds are quietly entering the market to push prices higher. However, compared to the volume during the previous decline, if there is to be a sustained upward movement, a greater volume is needed; otherwise, the upward momentum may struggle to maintain.
In the RSI indicators, RSI1 has broken through 70 and entered the overbought zone. Although RSI2 and RSI3 have not reached extreme levels, they are also hovering at high positions. This means that after a short-term rise, ETH has a demand for a pullback and correction, and the bulls should not blindly chase higher prices. In terms of MACD, the DIF has crossed above the DEA, forming a golden cross, and the MACD histogram has turned positive and continues to extend, releasing a signal of accumulated bullish momentum. However, one should also be wary of divergence after the golden cross.
Overall, the current 1-hour level for ETH is dominated by bulls, but the overbought signal and volume concerns make the market full of uncertainties. Should we ride the wave and chase the bulls, or wait for a pullback to buy low? Follow me for real-time analysis of ETH's bullish and bearish directions, and let me help you precisely grasp trading opportunities in the crypto market. Don't miss the wealth code; hurry up and follow to keep up with the rhythm!
