$ETH
The trend of Ethereum is basically synchronized with Bitcoin, but the fluctuation range is relatively small. After hitting a low of 2380 in the early session, it stopped falling and is currently in a phase of consolidation.
The market trend perfectly validates the previous bearish prediction after the breakout, and our thoughts on the future remain unchanged.
From a technical analysis perspective, on the daily chart, the bullish momentum for Bitcoin continues to weaken, and trading volume has significantly shrunk. The candlestick is hovering near the middle band of the Bollinger Bands, and technical indicators such as MACD and KDJ have not provided a clear direction, indicating a stalemate between the bulls and bears.
However, the four-hour chart shows a clearer trend. After the candlestick effectively broke below the lower Bollinger Band, there was not only no technical rebound but a continuation of the downward trend, leading to an ongoing widening of the Bollinger Bands, suggesting that short-term bearish strength may further increase.
At the same time, the moving average system shows a clear bearish arrangement, further confirming the current weak pattern. It is expected that in the short term, although the price may maintain a downward consolidation due to a temporary slowdown in bearish strength, the overall downward trend will not change.
Rock sugar plans to set a rebound order in the range of 2400-2410 with a target near 2480!
