$ETH Short-Term Technical Outlook

Technical Analysis:

Daily Level: ETH price has reached the dual resonance pressure zone of the 120-day moving average (MA120) and the 0.618 Fibonacci retracement level (2980-3020 range), with significant short-term selling pressure

Cross Rate Observation: The ETH/BTC exchange rate is approaching the key resistance level of 0.056, which is the midpoint of the Q4 2023 consolidation range; be cautious of arbitrage pressure returning

On-chain Data Support: The exchange ETH balance has seen a net inflow for three consecutive days, resonating with the cooling expectations for spot ETF approval, increasing the probability of a short-term correction

Operational Suggestions:

▶ For high-leverage positions, it is recommended to keep the actual leverage ratio within 3x, or set a trailing stop loss around 2950 for risk hedging

▶ Light position investors can pay attention to the support strength in the 2830-2860 range, where the MA20 moving average and the upper boundary of the previous trading dense area converge

(Note: This article does not constitute investment advice, the market has risks, and trading should be done with caution)