8.2 Ethereum (ETH) Market Analysis Reference
Ethereum has also broken down in the evening, with the price smoothly breaking through the 3500 mark, testing the 3430 line before rebounding. The current price is around 3490. In the short term, it is in a corrective consolidation phase. The intraday rebound has not stabilized at the 3600 line, but the short-term downward trend remains unchanged, so our strategy is to go short on the rebound, focusing on the resistance in the 3600 area.
On the 4-hour level, there have been consecutive large bearish candlesticks breaking below the key moving averages EMA7 and EMA30. The low of 3427 has formed short-term support. On the daily level, the combination of a long upper shadow and a real body bearish candlestick indicates heavy selling pressure above 3750. MACD: The dual lines on the 4-hour level have crossed below the zero axis, and the histogram has expanded. The fast and slow lines on the daily level have formed a dead cross at a high position. RSI: The 4-hour RSI (14) has dropped to the oversold area at 24.8, while the daily RSI has plummeted from 87 to 53, showing a top divergence. EMA: The price has fallen below the 7/30-day moving averages (3601/3720), with the 120-day moving average at 3529 forming a key defensive resistance level. It is recommended to enter the market with positions.
8.2 Short-term Reference for Ethereum:
Short selling point: 3560-3610 short, stop loss 30, target 30-60 points,
Long buying point 3430-3380 long, stop loss 30 points, target above 3500,
The article may be delayed in sending, and the strategy suggestions are for reference only. The market changes rapidly, and regardless of how accurate your judgment of the market is, always manage your take profit and stop loss to secure gains.
