The trend on the $ETH 4-hour line is mainly bullish!
【Price Trend Analysis】
Candlestick Pattern:
The 4-hour level has formed a strong bullish trend after three consecutive large bullish candles broke through the previous high of 3100, but the latest candlestick shows a long lower shadow bearish candle indicating selling pressure at the round number of 3400. On the daily level, a large bullish candle with increased volume (+233 points) appeared on July 16, and the next day it formed a Pinbar after reaching a high and then falling back, with a key resistance level at 3425.
Technical Indicators:
MACD: The daily MACD double lines have formed a bearish crossover at a high position, while the 4-hour MACD red bars continue to shrink but have not broken the zero line, maintaining a bullish pattern. RSI: The 4-hour RSI (14) has dropped from the overbought area of 81 to 75, while the daily RSI is still in the overbought area at 79.3 and needs to be cautious of a pullback. EMA: The price has stabilized above EMA30 (3054)/EMA120 (2772), with the 7-day moving average (3266) forming the primary support for the day.
Trading Volume:
On July 16, the single-day trading volume reached 1.13 million ETH, increasing by 31% compared to the previous day, confirming the rise in both price and volume. When it reached 3425, the 4-hour volume of 213,000 ETH signaled the main selling activity, and it is currently in a shrinking volume adjustment.
【Buy and Sell Points】
Buy Point 1: 3200 USDT (Previous swing high turned support + EMA30 (3054) moving up to form a defensive level)
Buy Point 2: 3150 USDT (Strong support at round number + Breakthrough of the central bottom edge on July 16)
Long Stop Loss Point: 3100 USDT (Breaking the key psychological level & EMA120 (2772) trend line invalidation point)
Sell Point 1: 3400 USDT (Integer pressure below the historical high of 3425 + Daily Pinbar signal)
Sell Point 2: 3450 USDT (1% extension of previous high + Potential reversal area of 4-hour RSI second divergence)
Short Stop Loss Point: 3500 USDT (Extremely overbought position + Breakthrough of the upper rail of the monthly level channel at 3480)
