The cryptocurrency market segment is generally experiencing a pullback, with ETH dropping directly from 2700 last night to 2590, a 24-hour decline of -3.52%. The volume surged then retreated, typical of a trap for the unsuspecting.
👆Ethereum is facing a technical pullback as the market focuses on key support levels.
Market Update:
ETH briefly broke through 2700 USD yesterday before quickly retreating, touching a low of 2590 USD
The 24-hour decline reached 3.52%, with trading volume showing a surge followed by a pullback.
BTC showed relative resilience, with a slight drop of 0.68% in 24 hours, maintaining above the critical level of 103,000 USD.
Market Characteristics Analysis:
Price Trend:
• ETH completed a "false breakout" pattern, with 2700 USD acting as short-term resistance.
• The price decline accompanied by shrinking trading volume indicates strong market wait-and-see sentiment.
Technical Indicators:
• The 4-hour MACD formed a death cross.
• RSI has dropped from the overbought zone to a neutral area.
• Key support has shifted down to the range of 2550-2580 USD.
Market Correlation:
• The BTC/ETH exchange rate has risen to 0.039, indicating a short-term preference for Bitcoin.
• Mainstream altcoins generally follow the decline, with reduced market risk appetite.
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