Ethereum also closed with a small bearish candle yesterday, and the trading volume decreased by nearly half compared to the previous day. From the daily chart perspective, the MA30 still maintains an upward trend, and although the MACD is still above the zero line, the downward momentum has intensified, and the overall trend is still stronger than Bitcoin.
After the price dropped to the 12-hour EMA52 moving average, a relatively strong rebound occurred, but unfortunately, its sustainability was not sufficient. I personally judge that the adjustment is not over yet, and it is highly likely to continue to retrace downward, at least until it reaches the daily MA30 or even EMA52 to be considered complete.
Currently, on the hourly level, it is in a sideways consolidation phase, and the market is waiting for a directional choice. It is recommended to remain on the sidelines for now. If the price can fall back to the strong support area below, it might be worth considering entering for a rebound.
In terms of operations, you can place some long orders in batches at the daily MA30 and EMA52 levels. If you want to short in the short term, you can pay attention to the range of 4400-4480.
Key position consolidation:
Resistance levels: 4480, 4560, 4660, 4880
Support levels: 4020, 3720, 3470, 3260
