ETH Lifeline 2450! A Last Stand for Bulls or a Feast for Bears?
ETH's movement has surged with Bitcoin and then pulled back, even breaking the 2400 support! Although there's been a slight rebound, isn't the strength too weak?
What's crucial? The price just can't seem to stabilize above 2450! If you ask me, at this rate, we might have to look for support below, so everyone should be cautious!
The daily MACD lines are almost sticking together below the zero line, and the green bars are nearly gone. Bears are weak, but what about the bulls? They haven't shown up yet!
The hourly MACD is still underwater; we need to wait for a golden cross before feeling secure. The daily RSI is at 45.94, hovering around, while the hourly chart is even weaker at 35-40, not even reaching oversold!
If it drops again, there might be a chance for a bottom divergence? The moving averages are even more concerning, with the daily showing a death cross, and the price is still being pressured below the moving averages; on the hourly chart, that EMA120 is pressing down hard, can the bulls really make it up smoothly?
So the current thought process is clear: look for opportunities to short on any rebound! If any friends caught early morning long positions, it’s best to take profits, don’t let the cooked duck fly away! Keep a close eye on the key level of 2450 above!
Stuck in a position, thinking of bottom fishing? Still the same advice, if you're confused and helpless about what to do, follow for top strategies instead of guessing!
