Ethereum Market Analysis
Yesterday, ETH experienced a slight rise in the morning but faced resistance, testing the price at 2520 before quickly retreating. This was followed by a continuous pullback, closing around 2420 with a minor drop of 0.11%.
Last night, the control of the market by the bulls lasted from the afternoon into the evening, resulting in a small shooting star candlestick on the daily chart. The price has been fluctuating between 2520 and 2380 in recent days, and we need to observe the recent actions of the Federal Reserve and whales to determine the long-term trend.
In the short term, there have been bullish signals after the morning close, and the hourly bullish trend is evident. If the bulls can hold above 2500, there is a good chance for an upward breakout in the evening. However, the 4-hour moving averages are flat, and the Bollinger Bands are gradually narrowing, indicating that there are still uncertainties in the market. The specifics will depend on the evening news and the movement of Bitcoin.
In the short term, a long position can be taken with a target of 2480-2500, considering the recent fluctuations between bulls and bears suggesting quick entry and exit.
Currently, the resistance level is at 2550-2580, while the support level is at 2350-2320.
At 20:30 tonight, PCE data will be released, which will influence the decision on interest rate cuts.
Now, as we enter the last few days of the month and approach the end of the monthly candle, the evening's volatility may be significant. Aggressive traders can prepare in advance with the guidelines from Yumi Silk Road, while conservative traders can wait for the market trend to establish itself before taking action.
