Share the current market analysis.
Weekly:
Last week, a bullish candle with a lower shadow was formed, with increased volume. The combination pattern is a bullish engulfing. Since the week of March 10, when a bullish harami indicated a stop in the decline, another significant stop signal has appeared with increased volume. The lower shadow indicates a test of the important support level below, so the stop signal near this key support level will be strengthened.
Daily:
On April 7, it broke the 78197-95152 fluctuation range with increased volume but quickly recovered, forming a volume bullish harami stop signal. The long lower shadow indicates strong support below. After a subsequent momentum decline, it returned to the fluctuation range, gradually rebounding to near the recent descending trend line. This morning, it formed a shrinking bearish pattern, encountering upper pressure. Increased volume is needed to break through. Within this 78197-95152 fluctuation range, it can be observed that each wave of decline sees the bearish volume gradually decrease from increased to decreased volume, while the bullish volume gradually begins to increase. Over time, more details of the bottoming process will emerge, enhancing the probability of a bottom formation.
Summary:
The background of the weekly level is in the mid-stage of a bull market, currently in an adjustment phase. After this adjustment, it is highly probable that it will enter the main upward wave, which is the later stage of the mid-bull market. The current market has formed a stop signal with increased volume, appearing near important support levels, reinforcing the effectiveness of the stop.
The trend background at the daily level is a downward continuation. The third test of the important support level below has shown multiple stop signals with increased volume, enhancing the probability of a bottom formation. It is currently rebounding to near important resistance levels, indicating a rebound but not yet a reversal, so observe the subsequent market to confirm the bottoming situation.
The probability of a rate cut in May has risen to 39.8%, and the impact of tariff events has eased market sentiment. Ethereum formed a bullish candle with long upper and lower shadows at the weekly level with increased volume, combining to form a bullish harami, indicating a consolidation trend. Therefore, it is highly probable that the market has stopped declining and is entering a consolidation trend. Continue to hold patiently or build cash flow during this fluctuation period to increase positions.
