The afternoon trend direction of $ETH !
1. K-line pattern: Recently, a long upper shadow has appeared on the 1-hour level (such as the high of 2518.49 and the low of 2484.81 on July 1st at 03:00), indicating strong selling pressure at the 2500 integer level. The daily level has seen three consecutive days of bearish closes (from June 30 to July 1), and today the K-line has fallen below the previous day's low of 2431, forming the embryonic shape of a downward trend.
2. Technical indicators:
MACD: The 1-hour level DIF has crossed below DEA (forming a death cross at -0.78 on July 1st at 15:00), and the daily MACD histogram continues to shrink (from -80.55 to 6.44), indicating a weakening of short-term momentum.
RSI: The 1-hour RSI hovers around 45, not entering the oversold zone but maintaining weakness; the daily RSI has fallen from 67.17 to 49.49, indicating a shift to a bearish mid-term trend. EMA: The price on the 1-hour level continues to be suppressed by EMA30, and the daily EMA7 is about to cross below EMA30.
3. Trading volume:
Key volume spikes occurred on June 30th at 23:00, accompanied by a sharp drop, and subsequent rebound volumes have been insufficient. The daily volume continues to shrink, the downward momentum is weakening but lacks buying support.
