November 4 ETH Market Analysis: Trading Strategies Amid Bull-Bear Competition +#BTC00929

1. Support and Rebound Situation

Last night, ETH found support near the trend support level around 2400, indicating strong buying power at this position, giving market participants confidence in price stabilization and rebound. Subsequently, the price rebounded to a high above 2490, indicating active buying near the support level, but the rebound height was limited and failed to break through the key resistance level, suggesting upward pressure.

2. Technical Indicator Analysis

1. 12-Hour Chart

After 7 consecutive bearish candles, a bullish candle has formed with a doji, signaling a reversal, with market sentiment shifting from bearish to bullish trend. The TD indicator shows a red 8 below; if a red 9 appears at close, it will enhance the upward expectation and drive the price further up.

2. Bollinger Bands

The Bollinger Bands show signs of opening, indicating that market volatility may increase. The middle band and MA10 intersect around 2530, forming a resistance level. If the price breaks above this level, it may approach the upper band around 2680.

3. Daily Chart

The daily chart has shown 4 consecutive bearish candles, with prices in a downward trend over a long period. However, considering the current situation and technical signals, it is expected that today may close bullish, but there is resistance around the middle band at 2570, which is a critical resistance level for upward movement.

Overall, the ETH market on November 4 is in a state of bull-bear competition. There are signs of rebound and bullish signals, but the resistance is significant. In terms of operation, if the price retraces to the 2400 - 2430 range without breaking, a long position can be taken; if a rebound occurs to the 2580 - 2550 range without breaking, a short position can be taken. However, the market is ever-changing, and investors should flexibly adjust their strategies based on actual conditions. #你问我答 #ETH🔥🔥🔥🔥