The daily line shows a small bullish candle, with trading volume down by one-third compared to the previous day. The MA30 still maintains an upward trend, and the MACD is showing an enhanced downward momentum at a high level.
The price maintained an hourly level fluctuation during the day yesterday, and started to rebound in the evening, coming back faster than Bitcoin, still relatively strong.
Bitcoin is stagnating; part of the funds are flowing into Ethereum, but Ethereum still needs to adjust.
Ethereum has dropped to the rebound at the 8-hour EMA52 line. The 8-hour is not a main level, and the rebound momentum is relatively limited. It needs to at least return to the 12-hour or daily line to have stronger rebound power. Therefore, attention should be paid to further declines after the rebound towards the 12-hour (4250) and the daily line's EMA52 line (3890) before starting to rebound.
In terms of operations, reduce positions during the rebound first, and wait for the price to return to the support of the 12-hour and daily lines to gradually start entering.
When Ethereum is in a downward adjustment, it's the time to gradually buy into Ethereum ecosystem altcoins.
Daily level resistance at 4690-4820-5000, support at 4250-3890-3666.
