ETH Technical Analysis: Volume and Price Rising, Gearing Up to Challenge Key Resistance
Ethereum's daily chart shows a long bullish candlestick with a moderate increase in trading volume, forming a pattern of four consecutive days of upward fluctuations. This trend, accompanied by a gradual increase in trading volume, often indicates that the market is building momentum. In terms of technical indicators, the MA30 moving average remains flat, while the MACD shows signs of increased upward momentum above the zero line.
Volatility Characteristics and Correlation Effects
Compared to Bitcoin, Ethereum's volatility is more pronounced. Historical patterns indicate that Ethereum only has the opportunity to demonstrate stronger explosive power when Bitcoin enters a consolidation or upward phase. The current market environment precisely meets this condition, providing a foundation for further gains in ETH.
Upward Targets and Key Pressures
In the short term, ETH is expected to challenge the upper boundary of the red box area around $2740. If this resistance is broken, the next target will point towards the key pressure range of $2880-$3000. However, how high it can go still needs to be dynamically assessed in conjunction with market sentiment and capital flow. The upper pressure levels to watch are $2630, $2740, $2850, and $3000, while the lower support levels are at $2510, $2430, $2320, and $2130.
Trading Strategy: Follow the Trend, Beware of Pullbacks
As long as the trend remains unchanged, a pullback to near support levels can still be viewed as an opportunity to position. However, it should be noted that if Bitcoin experiences significant volatility, ETH may follow suit. Short-term traders should closely monitor key breakout levels, while medium to long-term investors can accumulate positions in batches on dips, waiting for the trend to continue.
