Yesterday's market review:
The night before last, Ethereum broke through the resistance level around 3650 analyzed previously, reaching a high of 3730 in the morning, aligning with yesterday's judgment of 'breaking up to look for short positions near 3730'. The short position entered around 3720 in the morning, and with the market downturn, it touched a low near 3600, securing a steady profit of 120 points. If held until the morning low around 3550, a profit of 170 points could be realized, confirming a strong bearish outlook during the day.
Today's market analysis:
Yesterday, Ethereum fluctuated downwards, showing an overall downtrend. After probing the 3350 support in the morning, it started to rebound and is currently hovering around 3580. From a trend perspective, the price is still operating within the triangular range of 3350-3730.
- Technical analysis
- Daily level: The Bollinger Bands are narrowing. Yesterday, the price closed lower and broke below the mid-band and the support formed by MA10 around 3670. Currently, it is in the lower mid-band range, and the overall trend remains bearish. Focus on the intersection support near the lower band and MA30 around 3430.
- 4-hour level: The Bollinger Bands show signs of narrowing, with two consecutive bullish candles. A shooting star reversal signal appeared in the morning, with a slight price increase. The mid-band around 3550 provides short-term support, and a bounce space can be looked for in the short term.
- MACD indicator: The 4-hour cycle DIF crosses below DEA forming a death cross, and the histogram turns negative, releasing short-term bearish momentum. Although the daily level is still in the bullish area, the bullish energy bars show signs of contraction.
In summary, we first look for a rebound repair during the day, and then continue to short at high points of the rebound, in line with the larger cycle bearish trend.
Today's operational strategy
1. Short when the rebound does not break the 3700-3730 range, targeting 3630-3550, stop loss at 3780.
2. Long when the pullback does not break the 3480-3500 range, targeting 3580-3650, stop loss at 3430.
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