The weekly line is a bearish candle with short upper and lower shadows, and the trading volume is about one-fifth less than last week, showing no significant decline.
The weekly MA30 line is still in a downward trend, the price has not broken through the weekly MA30 line, and the MACD is showing decreasing upward momentum just below the zero axis.
After five consecutive weeks of doji patterns, the weekly line did not choose to break upward but instead followed Bitcoin's decline, indicating that there is no consensus among investors and that there are still significant divergences, which also reflects Ethereum's weakness.
Only after Bitcoin finishes adjusting and consolidating, Ethereum might have a chance, but this is merely a possibility.
Of course, in the upcoming tail end of the bull market, I hope Ethereum can perform relatively well.
The daily line is a bearish candle with a short upper shadow and a long lower shadow. The trading volume is slightly higher than the average of the previous two days, but it is still not significant.
The daily MA30 line is turning downward, the MACD fast line is crossing below the zero axis, and the slow line is showing an increasing downward momentum just above the zero axis.
Currently, the daily line shows a three consecutive bearish candle pattern. The price has rapidly dropped to near the lower blue line (2120), forming a rebound. This position is also near the daily MA120 line, creating a rebound with double support.
Next, there will be a second bottom test at the hourly level, followed by a daily line adjustment, after which there will be a daily level rebound. The rebound height can be between 2320-2450.
After the daily level rebound, there will still be a continuation of the downward trend for bottom testing, so contract long positions can take some profit.
Daily level resistance at 2320-2450-2560, support at 2120-2000-1860.
From Ethereum's liquidation heat map,
the price is rising, and there are a large number of large and super large short positions waiting for liquidation in the 2240-2384 and 2430-2600 areas.
the price is falling, and there are still some large long positions waiting for liquidation near 2100.
