Cryptocurrency markets experienced some impressive volatility over the weekend, with Ethereum’s moves being particularly notable. In Saturday's trading, the overall market performance was stable and there were no major market changes. However, by Sunday, the price of Ethereum began to rebound, hitting a high of 2309, but then fell back under pressure. In the early morning, the price fell to a low of 2238, but then rebounded. Currently, the price of Ethereum is oscillating around 2370.
From a technical analysis perspective, Ethereum’s market experienced a significant decline last week. It retraced from the high of 2466 to the low of 2166, forming a large negative column with a long lower shadow, which seemed to be testing the support of the 10-day moving average. However, the bulls did not give up and managed to hold this key support level and mount a rebound. Regarding this week's trend, from the perspective of technical indicators, the downward trend seems to be slowing down, but the pressure above is still obvious. The 5-day moving average is located near 2305, which puts pressure on the price.
On the daily chart, a negative column with a long upper shadow line closed yesterday, showing that the volume is small, but the rebound trend is still continuing. The current key is to break through the suppression near the 60-day moving average of 2280. If it can successfully break through this pressure level, the price of Ethereum is expected to continue to rebound and test the suppression of the upper trend line.
In the 4-hour period, the market is undergoing shock recovery after the sharp decline. Yesterday's rebound was suppressed by the downward trend line above. This morning, the market tested the support level below and started to rebound. If it can successfully break through the suppression near 2285 at the 0.786 Fibonacci retracement line above, it will further promote the price rebound. However, the 1-hour line faces suppression near the mid-track, and various technical indicators show that the rebound trend is still continuing.
In terms of today's operating strategy, it is recommended to observe the market's rebound trend first. If the price cannot break through the suppression of 2300 above, then consider entering the market and placing a short order. After all, from a technical perspective, Ethereum’s trend is still full of challenges and opportunities. Investors need to pay close attention to market dynamics and formulate corresponding trading strategies based on changes in technical indicators.
Finally, what Lao Lin wants to say is that there are still many things that have not been expressed, and it is not possible to understand them all through just one article. You can continue to pay attention to Lao Lin, and let us create glory together in the new round of bull market.
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