From this ETH daily chart, ETH experienced a rise yesterday, and the price is currently consolidating around 2635. The current trend is relatively positive, but there is also a possibility of a short-term pullback due to the previous rapid increase.

From various technical indicators and support and resistance levels, there is potential for continued upward movement in the short term, but it is necessary to pay attention to the breakthrough of key levels.

Technical Analysis

  1. Moving average system: The ETH price is currently stable above the 5-day and 10-day moving averages, indicating momentum for further upward movement in the short term. However, the price has deviated significantly from the moving averages, and such a rise may lead to a demand for slight pullbacks.

  2. Bollinger Bands: The Bollinger Bands are currently opening upwards, and the price is close to the upper band, indicating strong bullish forces. However, since the price is near the upper band, it may face resistance, and it is necessary to observe whether the price can gain support at high levels.

  3. Candlestick pattern: Yesterday's bullish candlestick reflects strong bullish power. If today continues with a bullish candlestick, it may attempt to challenge higher resistance levels; if a bearish candlestick appears, it may face short-term pullback pressure.

Support and Resistance Levels

  • First Take Profit Level: 2665-2670 range, if it breaks through this range, it will further open up upward space.

  • Second Take Profit Level: Around 2700, as it is a previous high resistance. If it breaks through, it will further boost market confidence.

Today's Operational Strategy

  • Current Trend: Short-term bullish, but since it is close to a high range, it is recommended to enter with a light position between 2630-2640. If the price successfully breaks through 2665, an appropriate increase in position can be considered.

  • Target Level: In the short term, you can pay attention to 2665 and 2700. If the price reaches the first take profit level and then pulls back, you can consider reducing the position to take profits.

  • Take Profit Strategy: Take profit in batches, reduce part of the position at the 2665 level, and if it continues to break through 2700, you can hold part of the position and observe higher levels.

    Stop Loss Level: Around 2570, if it falls below this level, a significant pullback may occur, and short-term bulls need to be cautious.

Risk Warning

There is still a possibility of market fluctuations and pullbacks. If the price falls below the support around 2600, it is necessary to remain cautious in the short term and avoid the risk of chasing highs.

Currently, ETH remains bullish in the short term. The operation should focus on the breakthrough of key resistance levels, primarily laying out positions at low points and gradually increasing positions. The breakthrough of key support and resistance will determine the overall trend for today. It is recommended to set take profit and stop loss levels to ensure flexibility in responding to market fluctuations.
Mr. Qian has been deeply involved in the cryptocurrency circle for many years. I understand the precious and ever-changing nature of market opportunities. To help everyone seize every opportunity in this rapidly changing market, Mr. Qian will continue to provide you with the latest market analysis and professional trading strategies.
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