Ethereum Daily Evening Star; Can it go short?
ETH Technical Trend View: On Tuesday, Ethereum's worldwide downward trend fell from a high of 2499 to a low of 2383, closing at 2403 with a daily K-line showing a decrease of 3.25% and forming a bearish evening star pattern over the past three trading days; whether it can continue to go short depends on observing the performance of the important short-term support at 2350-2300; a decisive break could see a return to the previous low around 2100: if it stops falling and rebounds today, forming a reverse stop-loss pattern such as a piercing line or even an engulfing pattern, then the range oscillation remains unchanged.
Combining the 2-3-5-7 day charts, the chance of a pullback stop-loss is quite high; the 4-hour level has retraced from 2520 to around 2350, which is precisely at the key retracement ratio of 38.2% from the rebound at 2100 to 2520【2350】, and currently shows significant support; if it closes around 2430 at noon, then the 4-hour level would form a bullish morning star pattern indicating a stop-loss; one could attempt to enter long positions with a defense below 2350; targets are set to 2500-2520, and a decisive breakthrough could see 2600 nearby.
Note: The larger cycle shows bullish signals with a focus on low longs.
Intraday short-term trading opportunities?
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Recommended Idea [Oscillation]
Today focus on support and resistance / ETH Resistance 2520-2550 / Support 2380-2360
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