The big one is coming, Brother Feng $ETH weekly market analysis, take a look quickly!!!
Alright, I've been watching the 4-hour chart of ETH for a while, and this kind of market is quite typical. To put it simply, we currently have resistance above and support below.
At the $2600 mark, we tried to push higher last Thursday but were forcefully pulled back down; that long upper shadow is quite glaring, indicating that the bears are pressing down hard.
Although the daily chart has three consecutive bullish candles, the body of yesterday's bullish candle is getting smaller and smaller, making me feel like the bulls are running out of bullets.
Looking at the indicator details, the MACD is indeed in a golden cross state, but the histogram of the smaller time frame is shrinking like a deflated balloon, suggesting that the upward momentum isn't sustainable.
The RSI is hovering around 60, neither too cold nor too hot, like lukewarm water. Fortunately, the price is still stable around the EMA support at $2524, but how long can this support hold?
It's hard to say. The volume situation is even worse; last week the volume surged when hitting $2600 but shrunk during the pullback, clearly showing that the chasing retail investors have no confidence—this thing can't fool anyone.
My operational thinking has two points: first, wait for the support level to set up at $2550, which coincides with last week's swing low and daily support, providing good value.
Second, set a stop-loss at $2500, if it breaks, quickly run away. In terms of selling points, $2600 is a must-sell point, a strong resistance level; if it really breaks through, don't be greedy, as $2630 is near the daily high pressure, take profits accordingly.
Overall, I think ETH may need to consolidate or pull back in the short term; bulls shouldn't rush in, as the risks are quite high.
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