The hourly trend is synchronized with Bitcoin, first rising, then consolidating, and then quickly falling.
The daily line is a long bearish candle with short upper and lower shadows, and the trading volume is more than twice that of the previous day, but it still falls within the normal trading volume range.
The price has broken below the lower edge of the red box and has also broken below the support of the daily EMA52 line. The daily MA30 line has also begun to turn downward. The fast line of the MACD has crossed below the slow line at the zero axis, showing an increase in downward momentum near the zero axis. Due to the long bearish candle, the downward momentum has not been fully released, and attention should be paid to a potential rebound at the hourly level before further price declines.
Recently, we have also been saying that if Bitcoin falls, Ethereum will definitely follow. Only when Bitcoin is consolidating does Ethereum have a chance for a corrective rally.
Currently, Bitcoin has not yet adjusted properly. We need to wait for Bitcoin to complete its adjustment before Ethereum has the potential to show a good upward trend.
Daily resistance levels are 2560-2680-2770-2960-3060, and support levels are 2320-2200-2130.
From the Ethereum liquidation heat map, we can see that
the price is rising, with a large amount of significant short positions waiting for liquidation in the 2440-2548 range, and a large number of super-sized short positions waiting for liquidation in the 2564-2640 range
the price is falling, with a large number of long positions being liquidated, and there are still some significant long positions waiting for liquidation in the 2376-2316 range
