Is the rise of Ethereum today a rebound or a reversal? You should have the answer after reading the following text description!
First of all, from the perspective of long-short game, the rise of Ethereum today has its own internal logic.
Today, the main force sent an obvious signal of long position, but it was not a lure, but more like a test. During the rise, the price of the currency was smashed down due to the large number of short sellers and shipments. However, when the main force chose to give up resistance after seeing a large number of selling orders, the price of the currency fell back to around 2660. But around 3:30 in the afternoon, the price was pulled back to around 2700 again.
The basis for judging whether the main force is long is: when the price rises, the trading volume is simultaneously enlarged, indicating that the main force is actively buying. However, when the price rose to around 2770, the price of the currency fell rapidly, and a long upper shadow line appeared at the 4-hour level, and the highest point had the largest trading volume, but the closing price was very low, showing a trend of "volume rise and price fall". This shows that there was resistance during the rise, and the main force tested the number of selling orders above through a test.
The reason for the price drop is that the main force gave up resistance at this position, thinking that it was difficult to pull up, so it pulled back to continue washing. The followers panicked because of the rapid price drop, and shipped goods one after another, further lowering the price.
Since this is a wash behavior, it is likely to rise in the next two days, so there is no need to worry too much.
At present, the upper pressure level of Ethereum is around 2800. It is recommended that you can take profits in batches around 2780 and 2790!
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