The market is about to face a critical moment! Can ETH break through 2600? How should we precisely operate during this market trend?
From the latest ETH 1-hour candlestick chart, the current price is in a short-term consolidation phase after a strong upward surge, with a market correction occurring. Overall, there is significant reversal potential in the current trend; how can we find the optimal entry point amid the fluctuations?
Price Correction: ETH encountered resistance around 2605, falling back to the current 2563. The current downtrend has touched the middle band position of the Bollinger Bands, and the market's volatility is gradually converging. We observe that the Bollinger Bands are slightly narrowing, indicating that short-term fluctuations may decrease as the market awaits confirmation of direction.
The MACD shows a typical "downward" trend, with the DEA line and DIF line remaining in the negative zone, suggesting continued selling pressure in the short term. However, we note that the negative values of the MACD histogram are gradually shrinking, indicating that selling pressure is weakening, and the likelihood of a rebound is increasing.
Support and Resistance Levels: The current support level for ETH is in the 2540-2550 range. If this support level holds, it may challenge around 2600 again. After breaking through 2600, ETH may welcome greater upward potential, with targets looking at 2650-2700.
Buy on Dip: If ETH’s price drops again near 2550 and finds support, one can buy lightly at this level, setting a stop-loss at 2540. Buying on this dip can yield high short-term returns; once it breaks 2600, a new upward phase will begin.
Breakout Long: If ETH can successfully break 2600 and stabilize above it, one can go long in line with the trend, targeting 2650 and higher. This breakout indicates that the market has completed its adjustment and possesses stronger upward momentum.
Tonight, ETH's correction seems temporary, but if it breaks 2600, a larger upward potential will follow. In the short term, the operational suggestion is to patiently wait for a correction to the support level around 2550 and set a reasonable stop-loss strategy. If you want to grasp more precise operational strategies, follow my real-time analysis for a smoother trading journey!
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