ETH Market Trend Analysis 20241226
The daily chart shows a small bullish candlestick with a doji pattern, and the trading volume is about half of the previous day. Compared to the previous days, the trading volume has been shrinking, with small fluctuations and low trading volume, indicating market consolidation, which also suggests that significant movement is on the horizon.
The daily MACD has returned from its high to the zero axis, showing a weakening downward momentum. If a bullish candlestick with increased volume appears in the next couple of days, a daily-level rebound trend will emerge.
BlackRock is still buying Ethereum in large quantities. Referring to its previous large purchases of Bitcoin, it indicates that it remains optimistic about the upcoming price increase for Ethereum. Following institutional players can be a good strategy.
As mentioned yesterday, the daily MA30 line is a significant resistance level. If the price rebounds to this level (around 3690), a pullback is expected. This is definitely an important position for taking profits on your long positions in batches.
No matter how it plays out, Ethereum has already led altcoins to experience a rebound rally. As long as Ethereum continues to rise, altcoins will also continue to rebound.
Daily resistance levels are 3580-3680-3825-4200, and support levels are 3330-3200-3020-2870.
The hourly chart shows a narrow range of fluctuations as the price pulls back to encounter resistance at the 4-hour EMA52 line. The MACD is returning to the zero axis, and the 4-hour chart does not establish a resistance level, making it easier for the price to break upwards. In the short term, short positions can be taken at 3580-3680 and long positions at 3415-3380, effective within the day.
From Ethereum's liquidation heatmap data, we can see that:
When the price rises, there are a large number of large and extra-large short positions waiting to be liquidated in the 3550-3620 range.
When the price falls, there are a large number of large and extra-large long positions waiting to be liquidated in the 3436-3200 range.
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