Technical analysis and trading advice for ETH's 4-hour candlestick chart

Overall Trend

  1. Medium-term Trend: ETH is currently in a choppy upward channel, starting from the low of 2150 points, showing a steady upward trend, and is now approaching the psychological level of 3900 points.

  2. Short-term Trend: Recently, there have been consecutive bullish closes, indicating dominant bullish sentiment. The Bollinger Band's middle line is moving upward, and the price is moving along the upper band. There is still upward momentum in the short term, but caution is needed as it approaches the resistance range.

Key Technical Indicators

  1. Moving Average System: Short-term moving averages (MA5, MA10) have golden crosses upwards, overall trend is bullish.

  2. BOLL Indicator: The upper Bollinger Band (UB) is near 3950 points; the price begins to slightly retreat after approaching the upper band, indicating a demand for high-position fluctuations.

  3. RSI Indicator: Currently in the overbought zone (above 70), a correction may occur in the short term.

  4. MACD Indicator: Bullish momentum bars continue to expand, DIF crosses above DEA line, momentum is strong.

Review of Yesterday and Today's Forecast

Summary of Yesterday's Trend

ETH's price steadily rose from 3750 points yesterday, breaking through the 3800 point round number, reaching a high of 3891 points before slightly retreating, with an overall increase of nearly 100 points throughout the day. Bullish volume is sufficient, but the bullish force appears somewhat insufficient as it approaches 3900 points.

Today's Market Forecast

ETH is expected to fluctuate within the range of 3800-3950 points today:

  1. If the bulls continue to strengthen, there is hope to test the 3950 point resistance level, but attention should be paid to whether the trading volume follows.

  2. If it cannot break through, the price may pull back to the support near 3800 points.

Trading Advice and Level Layout

Operation Direction

Short-term advice for flexible operations, taking long positions on dips, but closely monitor resistance levels and changes in volume.

Specific Levels

  1. First Profit-taking Level: 3900 points, short-term high-pressure range.

  2. Second Profit-taking Level: 3950 points, upper Bollinger Band and important psychological level.

  3. Stop-loss Level: 3750 points, near previous support and MA10 moving average.

Trading Strategy

  1. If it pulls back to the 3800-3820 point range, build long positions in batches with light positions, set the stop-loss at 3750 points, and aim for 3900 points. If it breaks through, hold until 3950 points.

  2. If it directly attacks and breaks through 3900 points, consider reducing positions or closing near 3950 points.

ETH is currently in a short-term bullish trend, with further upside potential. However, caution is needed as it approaches psychological resistance levels, and attention should be paid to the risk of pullbacks. It is advisable to build positions in batches and to set reasonable profit-taking and stop-loss levels. Today's key levels are the 3800 point support and 3950 point resistance. Short-term investors can utilize the range for swing trading.

The market changes rapidly; please adjust strategies based on real-time data to avoid blindly chasing highs. If the price breaks through 3950 points, it is recommended to watch whether the 4000 point round number can form new support.

Qian Shu has been deeply involved in the cryptocurrency market for many years, and I understand the preciousness and rapid changes of market opportunities. To help everyone seize every opportunity in this rapidly changing market, Qian Shu will continue to provide you with the latest market analysis and professional trading strategies.
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