Ethereum Market Analysis!
Currently, the daily candlestick has a high of 1789 and a low of 1721. After breaking the EMA30, this is the first time the daily candlestick is retracing to the EMA30 support point at 1730. The support is effective, and the EMA trend indicator shows contraction. Additionally, the candlestick has reached the upper Bollinger Band at 1800. Currently, to continue moving upwards, we must wait for the Bollinger Band to rise before there is a possibility. Otherwise, Ethereum will behave like before, declining without rising. The mid-band support is at 1620, and the MACD is continuously increasing volume with the candlestick diverging downwards. The bulls need more chips to exert force. If it doesn't drop in the short term, it can only move sideways around 1800.
The four-hour candlestick retraced to the EMA15 support point at 1740. The EMA trend indicator is facing upward but is blocked from expanding. The MACD has ended its volume increase and is starting to decrease. The DIF and DEA have formed a death cross at high positions, and after the Bollinger Band opened and expanded, the candlestick fell above the mid-band support at 1715 and rebounded, indicating that the support is effective. Therefore, in this range, the top resistance level has been found around 1820, and the bottom support is near 1720. This range forms a box, and a contraction in the box is expected. As long as the support and resistance are not broken, it can make waves back and forth.
Short-term Reference: Safety first. Remember that the market is not 100% certain, so always set stop-losses. Safety first; the goal is to have small losses and big gains.
Northern test entry point 1750 to 1730, defend at 1700, stop-loss 30 points, target at 1800 to 1840, if broken look at 1870.
Southern test entry point 1800 to 1830, defend at 1860, stop-loss 30 points, target at 1750 to 1700, if broken look at 1675.
