ETH market on July 26
I feel that the market fluctuations may be quite large over the weekend, so I suggest everyone try not to make reckless moves. If you have positions, keep an eye on your stop losses and take profits, and don’t always think about opening new orders.
From the daily chart, the KDJ dead cross is still moving downwards, and the DIF in the MACD has been pressing down. The buying power is weakening, indicating that a correction might still occur in the short term. However, the BOLL indicator shows that the overall trend is still upward, and both the MA10 and MA30 moving averages are strengthening, although the rise of MA5 has slowed down. Additionally, the main chart shows a green TD1, and the TD13 on the 2-day line has not been repaired well, indicating that the daily line's repair is also not complete. This week, there is a significant gap on the weekly chart; if there isn't much drop over the weekend, a correction is very likely to happen next Monday or Tuesday.
Looking at the 12-hour chart, although the KDJ has crossed golden and is trending upward again, the MACD is still moving downwards, and the two indicators are contradictory. The BOLL is starting to narrow, and it looks like we are entering a period of volatility. The MA5 and MA10 are intertwined, while the MA30 is still trending upwards. The short-term indicators are all over the place, making it easy to make mistakes in operation, so it's best to stick to the same strategy for intraday trading.
Overall, in the short term, ETH may need to complete the technical adjustment of the weekly chart before it can continue to rise. It is quite likely that it will continue to fluctuate downward in the short term, with support levels seen between 3400 and 3264. If this wave of adjustment doesn’t occur over the weekend, it will likely happen next Monday or Tuesday. If this wave of weekly adjustment does not break the key support, ETH might still continue to rise afterward, possibly targeting above 4000.
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