#ETH $ETH

Recent prices, after experiencing a rapid rise, have entered a consolidation phase. Although the bullish arrangement of the moving average system exists, the short-term moving averages are flattening or slightly declining, indicating a weakening upward momentum. The formation of stagnation patterns at high levels, as well as potential reversal patterns such as head and shoulders and descending triangles, need to be closely monitored.

In the short term, prices show downward pressure, especially as the EMA indicator suggests the possibility of further testing support levels, combined with the oscillating downward trend of the BOLL indicator and the short-term moving averages correction in the MA indicator, the market may continue to face adjustments.

Technical Analysis

Candlestick Patterns: Head and Shoulders, Descending Triangle, Doji. Indicates potential trend reversal or decline.

EMA: EMA12 and EMA26 are in a downward trend, indicating bearish momentum in the short term, with prices near the pressure level of EMA60.

BOLL: The upper band is slowly moving down, consistent with the lower band, indicating reduced volatility, with prices approaching or breaking through the middle band, showing an oscillating downward trend.

MA: Short-term moving averages (MA5 and MA15) are converging with mid-term moving averages (MA30), increasing short-term selling pressure, and being above long-term moving averages (MA60 and MA90) indicates a short-term adjustment within an upward trend.

Pattern: The trend line triangle consolidation area has been broken, and the current pattern shows a bearish outlook.

Signal: 4-hour signal is bullish, 4-hour support level: around 2380

Support: 2425, 2380

Resistance: 2520#ETH🔥🔥🔥🔥🔥🔥