ETH: The daily level adjustment is coming, patiently wait for long orders to enter the market

In the analysis of ETH on November 22, it was believed that if ETH breaks through the downward channel, there will be a short-term long opportunity. After that, ETH indeed broke through the downward channel and began to continue to rise, but the tracking did not reach the position we expected at $2142, and it began to turn downward at 2133.

Judging from the disk, the price of BTC has hit a new high for the year again last week, while the highs of ETH are getting lower and lower, indicating that the current market funds are not on its side and the willingness of bulls to pull the market is not high. ETH has now entered the price fall adjustment stage following BTC. The yellow circle position happens to be the upper edge of the previously broken down channel. It is expected that the price will get certain support if it falls back to this area. However, if the ETH price falls into the downward channel again, the channel pattern will no longer hold. At this time, the entire trend of ETH from November 9 to now needs to be regarded as a shock range, and the range is 1904-2137. ETH will continue to fluctuate and adjust within this range until it finally breaks through the range and starts a trend again.

In terms of technical indicators, the 1-hour MACD indicator has shown continuous dead crosses and has been below the 0 axis. The OBV data has also continued to decline. Both data are not conducive to the bulls.

operate

According to the analysis on November 22, if you open a long position, the cost price should be around US$2,000. This order can currently take profit at any time and wait for a better opportunity to take it back. If you don’t want to take profit yet, set a cost price stop loss protection.

The yellow circle position (2010) in the picture is a potential support point, but according to the current daily trend, the support effect of this position may not be very good, so this is not a safe entry point; the red circle position (1904 ) is the lower edge of the shock range and the support point after multiple price pullbacks. This is an ideal entry position for long orders.