The weekly chart also shows a large bullish candle, indicating a bottoming pattern at the weekly level. The position at 1385 can be tentatively confirmed as the bottom position for the past month. The downward trend at the weekly level has temporarily come to a halt, and we will wait for a rebound at the weekly level.
The daily chart shows a small bearish candle, with trading volume remaining basically flat compared to the previous day. The price is still fluctuating. After peaking near the daily EMA52 line yesterday, it has begun to decline again. The current trend is one of the two scenarios we discussed a few days ago, which is to fluctuate and touch the daily resistance level before declining again.
The weekly chart shows a large bullish candle, indicating a demand for upward movement. The daily MA30 line is still in a downward trend. The MACD shows a weak upward momentum below the zero line, but it is facing a pullback at the daily resistance level.
The short-term trend will synchronize with Bitcoin, so today’s trend during the day will be a volatile downward movement, with a wave of rise and a wave of drop after the US stock market opens.
After the daily chart pulls back to the MA30 line, it will continue to rebound and rise.
Daily level resistance at 1890-2120-2310, support at 1740-1688-1540-1460.
From the liquidation heat map data of Ethereum, we can see that there are significant liquidations both when the price rises and falls. Compared to Bitcoin, the liquidation prices of Ethereum are relatively concentrated, and large-scale long and short positions are also relatively concentrated.
As the price rises, there are a large number of large short positions waiting to be liquidated in the 1808-1836 area, and a large number of super large short positions waiting to be liquidated in the 1852-1876 area.
As the price declines, there are a large number of large and super large long positions waiting to be liquidated in the 1776-1704 area.
