📈 ETH Technical Analysis: Strong Rebound but Concerns Remain, Beware of Highs and Pullbacks
Ethereum's daily chart closed with a bullish candle, completely covering the previous day's bearish candle, indicating a stronger rebound compared to Bitcoin. Currently, the daily MA30 moving average remains in an upward trend, but the MACD indicator is operating at a considerable distance above the zero line, with bearish momentum increasing.
After the price retreated to the 12-hour EMA52 moving average, a rebound at the hourly level began; however, this surge is still regarded as a technical retracement, and the overall downward trend has not changed. The strongest resistance level for the rebound is expected around $4480. It is crucial to remain highly alert to market traps that encourage buying, to avoid encountering a new round of decline when everyone is chasing highs.
The core support level is at the daily EMA52 moving average, and a significant rebound is expected after the price reaches this area.
The current trend can be described as follows: After multiple cycles of rebound momentum intertwining, the price reached a new high and retreated to key 12-hour moving averages, and is currently undergoing a 2-4 hour level retracement correction.
Operational Suggestions:
You can short in the $4400-$4480 range.
Gradually place long orders near the daily MA30 and EMA52 support levels.
Key Level Reminders:
Resistance Levels: 4560 / 4660 / 4880
Support Levels: 3980 / 3690 / 3470 / 3260
