6.6 Ethereum Market Analysis

During the early hours last night, Ethereum accelerated its downward trend, directly breaking below 2400. From the analysis of this wave of market activity, it can be seen that the selling pressure on Ethereum's weekly MA30 is indeed too strong. Additionally, please note that the current weekly MA30 has intensified its downward slope, while the weekly K-line price has fallen below the five-day moving average, and a red TD1 has now appeared. It seems that the MA30 is imposing significant restrictions on the market. Now, if the weekly red TD1 stabilizes, we will enter the gap repair phase at the monthly level.

From the daily level perspective, we can refer directly to the main chart. Currently, based on the box situation of the closing line, Ethereum's two previous highs are 2788 and 2678, indicating that the highs are continually declining while the lows are consistently breaking down (a typical downward box channel opening). Moreover, today’s rapid decline directly broke below the MA30 (once the MA30 is effectively broken, it signals the onset of a one-sided market; for short-term trading, the MA30 can be seen as the dividing line for the current level). However, considering the strong decline during the early hours, there is a slight gap between the price at 8 AM today and the five-day moving average, so a brief technical fluctuation is expected during the day. After the adjustment ends, further volume increase and decline are anticipated, with key support for the lows referenced around the monthly MA5 moving average (current price reference in the range of 2245-2170).

Summary: For today during the daytime, the market is expected to mainly fluctuate and adjust, with not much volatility occurring. Subsequently, everyone can pay attention to the potential second wave of downward volume sentiment for Ethereum after the closing at 8 PM until the early morning period. Currently, the key support for the lows is referenced around the monthly MA5 moving average (current price reference in the range of 2245-2170). #ETH