【4-hour trend analysis for $ETH 】
Candlestick pattern:
Short term (4 hours): Recent low of 3354 builds a double bottom, currently breaking through the 3500 integer level and confirming with a pullback. A short-term new high pressure forms near 3568.
Daily level: Three consecutive days of long lower shadow candlesticks show significant buying support at 3450. However, it has not effectively broken through the 30 EMA moving average (3580).
Technical indicators:
MACD: A bottom divergence appears at the 4-hour level followed by a golden cross (DIF crosses above DEA), but the daily level is still in a dead cross state below the zero axis.
RSI: The 4-hour RSI breaks above the 50 midline (current 44.88), while the 1-hour RSI shows overbought retreat (62→55). The daily RSI is consolidating around 50.
EMA: The price is stable above the 7 EMA (3493), but still faces dual pressure from the 30 EMA (3580) and 120 EMA (3520). The hourly EMA7 is about to cross above EMA30.
Trading volume:
On the day of the crash (August 3), the volume reached 296,000 ETH, while the recent rebound volume has shrunk to 46,000 ETH, requiring caution against volume-price divergence.
Key integer level 3500 has a volume breakout, but there is a lack of follow-up buying above 3560 (only 4589 ETH traded at 10 AM on August 4).
Currently, it is primarily sideways.
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The next post will announce trading point ideas!
