6.17 Ethereum Market Analysis

Ethereum has been in a sideways trend for more than a month, with three attempts to break the resistance at the hh golden ratio but unable to stabilize above the pressure level. Intraday, the bulls pushed up to 2680 but retreated, failing to open the upper Bollinger Band channel. The 30-week moving average at the four-hour level is under pressure, and there is no golden mouth formation this week. If the naked candle closes at 2560, it will continue to explore 2480-2380. The accompanying MACD shows a golden cross with diminishing volume at the end. Overall, this week, Ethereum can be primarily viewed as bearish.

Trading Suggestions: Short in batches at 2585-2615

Target: 2480-2380

Risk Control: 2630