ETH December 16th Intraday Market Analysis

Review: During the early morning hours, both Ethereum and Bitcoin took off, while some altcoins did not rise (this is actually a normal situation, as many altcoins fall without rising, which is also the reason why I personally avoid altcoins). Currently, the strong volume of mainstream cryptocurrencies has set a good tone for the market this week, and the overall direction remains to continue looking bullish on dips.

From the weekly perspective, the current BOLL upper band is accelerating open, and the KDJ and MACD golden crosses continue to strengthen; the MA5 and MA10 daily moving averages have continued to rise this week, with Ethereum closing with a lower shadow (which indicates strong buying support, as there are sellers but buyers are also quick), so I personally continue to look bullish on dips this week, with the next target high still referenced in the 4170-4390 range.

From the daily perspective, today the KDJ continues its golden cross and moves upward, and the BOLL overall continues to oscillate upward; the MA three-day moving averages continue to rise in different degrees (the MA30 daily moving average shows accelerated growth), so there is no doubt that for the short term, we still look bullish on dips; intraday, the short-term trend is expected to oscillate (as there was already a surge in volume in the morning, the afternoon and evening market volume will likely weaken somewhat).

Summary: The analysis approach for the short term remains unchanged; it is still recommended to mainly look for buy opportunities on pullbacks, with Ethereum's next strong resistance around the 4170-4390 area (short-term, we will take it step by step, as the pressure in the 4170-4390 area is also relatively strong, and Ethereum is expected to make a tentative attempt in this area during the week). For now, we will stop here and await the update for the connection of the intraday market analysis thoughts in the early morning or tomorrow.