Ethereum is currently in a rebound trend after a significant drop, and the focus can temporarily be on the range positions of 3685-3345.
Looking at the current price trend from the monthly perspective, it still shows a weak downward trend overall. The price is under pressure from the upper Bollinger Band, and Wu Yang believes that a rapid rebound in the short term is not achievable. Follow the trend and try not to trade against it. If trying to gain some space, strict entry protection is essential.
From the weekly perspective, last week closed with a large bearish candle, compared to the bullish candle two weeks ago. The current trend has formed a cloud cover pattern, and the market will continue to retreat. It is now exactly 10:00 AM, and there is a slight rebound on the weekly chart; however, the overall trend is already established, and the weak market conditions are defined. Everyone should trade according to the trend.
After a bullish candle on the daily chart yesterday, the current trend still shows a rebound today. However, in trading, don't just look at the daily chart's current trend; it’s important to have an overall trend perspective. Perhaps today will show a rebound, and maybe a decent rebound, but ultimately it is just an unformed imagined price movement. We should still trade based on the trend to be more prudent. Pay attention to the resistance level at 3685, support level at 3345, and the important support range of 3300-3150, which is still relatively strong. If this range is broken, then it will likely go to 3000. However, Wu Yang believes that it can't reach that level in the short term, and there is no strength to continue to drop rapidly; it might just be a weak trend, like a frog in boiling water.
In shorter time frames, focus on real-time analysis and strategy layout by paying attention to wo.
