📣Ethereum trend continues to weaken, maintaining a bearish outlook for the evening!
After breaking 2100 on 3/24, the Ethereum trend has continuously weakened. Yesterday, the trend also retraced to the lower band of the four-hour chart and found support, leading to another rebound. At the same time, the short position we provided perfectly reached the target for a successful profit exit. Currently, it appears that the Ethereum trend is still continuing to weaken, and it is recommended to maintain a bearish position in the future.
【Analysis of Ethereum price trend from the four-hour chart】
K-line pattern:
Recently, the price has been fluctuating within the range of 2000 to 2100, forming a consolidation pattern. On March 24, a long upper shadow appeared, indicating strong selling pressure.
Technical indicators:
MACD: The current MACD is in the negative zone, with both DIF and DEA trending downward, indicating that there is still some bearish pressure in the short term.
RSI: The RSI value is close to 50, indicating that the market is in a neutral state, with no obvious overbought or oversold signals.
EMA: After the EMA7 crossed the EMA30, it continued to trend downward, with the distance to the EMA120 widening, indicating a weak short-term trend.
Trading volume:
On March 26, trading volume significantly increased, accompanied by a price pullback, indicating enhanced selling power. In recent cycles, trading volume has decreased, and market sentiment is cautious.
Stable profit layout for Ethereum on the evening of 3/27:
It is recommended to enter short positions around 2030-2040 for Ethereum, with target levels: 2000-1980-1930!
On a rebound to 2070, continue to add to short positions, with target levels: 2020-1980!
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