Ethereum Market Analysis on November 8

The technical indicators for Ethereum show that the market is in an upward trend, with a bullish alignment of moving averages and a bullish engulfing pattern resonating, supporting a short-term price increase.

However, the extreme contraction in trading volume and the overbought signal from the RSI have created a significant divergence between volume and price, indicating that the current rise lacks healthy support and the market sentiment is approaching overheated territory, increasing the likelihood of a pullback.

It is recommended to short Ethereum at 4300-4270, targeting 4215.

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