$ETH Every price drop is a test from the market, but also an opportunity for growth. Overcoming it will mark the beginning of the next surge.
From a four-hour perspective, the price has recently experienced a significant decline, with consecutive bearish candlestick patterns appearing on the candlestick chart, indicating a strong bearish market sentiment. Combining the Bollinger Bands and MACD indicators, the price is likely to remain weak in the short term, potentially testing the support of the lower band. From a one-hour perspective, the price has continued to decline after breaking below the middle band, with the opening diverging downward, further demonstrating the dominance of short-term bearish forces and a bearish trend. The MACD histogram is below the zero axis, indicating a continued bearish trend. Although the indicator shows signs of flattening after the short-term decline, a clear reversal signal has not yet appeared. For this morning's trading strategy, we can continue to focus on short positions.
For Bitcoin, we recommend shorting around 118,700, with a target of 117,000. For Ether, we recommend shorting around 4,580, with a target of 4,480.
