The recent price spikes in Ethereum during the evening indicate that market momentum is gradually picking up. The oscillation between longs and shorts suggests that a major market move is on the horizon. The importance of direction is being highlighted at this moment. Although the short-term market conditions do not provide us with a clear direction, we continue to stick to the strategy of rebounding during the day and looking for short opportunities, with a focus on the effectiveness of resistance levels above.
From an hourly perspective, there was a violent surge in the evening, but the price failed to break through the upper Bollinger Band and is showing a downward trend. The two rounds of price washouts have provided us with nearly 100 points of space. Currently, the market still shows some degree of rebound continuity. This rebound should focus on the resistance level at 4550. If we see effective continuation, the trend will provide us another opportunity to follow the market direction. From a four-hour perspective, the evening rebound did not affect the overall downward trend, indicating that the main trend remains a decline, and the overall trend has not changed. Future strategies should use 4550 as a pivot point.
Tuesday evening trading suggestion: Short Ethereum in the 4520-4550 range, target 4300
