From the one-hour chart, Ethereum is currently in a gradually narrowing consolidation trend, with the price stuck in the upper middle position of the Bollinger Bands, indicating that the short-term trend is not weak.
However, this narrowing pattern often suggests that a trend reversal is imminent, and it is expected that there will be another drop to test stronger support below. The price is currently close to the upper resistance area, and although the MACD indicator still shows that buyers are dominant, one should be cautious of a possible pullback at any moment.
Early morning trading advice
For Bitcoin, buy around 112300-111800, with a target of 114000-115000.
For Ethereum, buy around 4100-4090, with a target of 4150-4180.
