Ethereum Market Analysis

Ethereum has risen for two consecutive days, and the price is now around 2450. From the 1-hour chart, the upward channel of the Bollinger Bands is narrowing, as if it has closed the door to further increases;

The moving averages indicate that the momentum that previously drove the price up has been exhausted. If there is no new positive support, the price may drop to around 2350.

Today, we will focus on the resistance level above 2500.

Looking at the 4-hour chart, the MACD golden cross signal is weakening, and as the KDJ indicator retreats from the overbought zone, the likelihood of a decline increases.

Therefore, the overall suggestion is to short when the price reaches the resistance level.

Trading suggestion:

Short in batches between 2490 and 2520

Target: Initially look for a drop to 2390 - 2350, and if it breaks below 2350, it may drop to 2290

Stop-loss price: Set at 2540