Let's discuss today's ETH 1-hour K-line chart trend.
First, looking at the overall situation, the ETH price has risen from a low point, previously experiencing a nice increase. Recently, after the price surged to a high point of 3624.00, it started to pull back. Currently, it has retraced to around 3540, which is a key support level. If the price does not break below this level, the possibility of further upward movement is quite high; however, if it breaks below, it may test lower levels again.
Looking at the oscillation and washout range, the coin price is fluctuating up and down within this range. This is the dealer doing something, with the aim of washing out some indecisive retail investors. Within this range, the buying and selling sides are competing fiercely, and the long and short forces are temporarily in a relatively balanced state.
From the trading volume perspective, there hasn't been any significant change recently, indicating that there has not been a large influx or outflow of funds at this stage, and market sentiment is somewhat cautious.
Next, regarding the MACD indicator, although the DIF line and DEA line are still above the zero axis, the distance between the two is narrowing, and the MACD histogram also shows signs of shortening, which may indicate that the upward momentum in the short term is weakening and there is a demand for a pullback.
Yesterday's call
Overall, ETH is likely to oscillate near the 3540 support level today. If it can effectively hold the support level and break through the upper limit of the oscillation range with strong volume, there is hope for a new round of upward movement; however, if the support level cannot be maintained, the price may search for the next support point downwards. For operations, cautious friends can wait for the trend to clarify before taking action, while aggressive ones can make light positions near the support level, but be sure to set stop-losses to avoid excessive risk.
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