Surprise! On the evening of August 25, ETH plunged from the "abyss" to a weak rebound, where will the market go from here?
Let me tell you about the situation of ETH on the evening of August 25.
From the recent hourly level, ETH's price has been fluctuating in the range of 4600 - 4620, showing a relatively slow recovery rebound trend, but the overall situation is weak. It's like a person walking; although they are moving forward, their steps are heavy and lacking energy.
On the daily chart, ETH has repeatedly shown long upper shadows, and after fluctuating at a high level, the price has retreated. Especially near the high point of 4956, there was a sharp drop, like a roller coaster descending rapidly. Recently, ETH's trend has alternated between large bearish candles and small bullish candles, as if it is oscillating up and down, without any clear direction.
Extending the time frame, let's look at the weekly and monthly charts. From the charts of these two periods, we can see that the pressure from the densely traded area is continuously moving down, like an invisible mountain, making it difficult for ETH's price to rise.
Based on the above analysis, I offer the following trading advice: buy and go long in the range of 4560 - 4540, with a target of 4700 - 4680. Of course, this is just my personal opinion; everyone should consider their actual situation and risk tolerance when trading.
Blindly going solo will never bring opportunities, click on the avatar to follow Jinlian, Jinlian will take you to explore tenfold potential coins! Top-tier first-class resources!
