Market Waves: 7.7 Ethereum (ETH) Market Analysis Reference:
Ethereum has once again surged to a high and faced pressure, currently priced at 1780. The daily chart shows that the price is firmly above the middle band of the Bollinger Bands, with the channel slowly opening upwards. The MACD indicator's fast and slow lines have formed a golden cross below the zero axis and are continuing to diverge upwards with increasing volume, indicating a steady rise in bullish momentum. However, the KDJ three lines have entered the high region, the J value is close to the overbought threshold, and the RSI is approaching the critical point of 70, with the price also reaching the upper band of the Bollinger Bands, indicating a technical pullback demand in the short term. The market will first experience a shakeout and a retreat to digest bullish profit positions, testing short-term moving average support before stabilizing and then testing upper pressure. Overall, this is a recovery market after a significant decline, and the medium-term downtrend has not been completely reversed.
In the short-term 4-hour chart, the price encountered resistance at the high point of 1833 and retreated. The MACD is gradually shortening, with both lines diverging downwards, and the short-term bullish momentum has significantly weakened. The KDJ has formed a dead cross and is moving downwards, while the RSI has fallen from high levels to a neutral zone, with the Bollinger Bands closing. The price has retreated to above the middle band and is oscillating. In the short term, a slight pullback will occur first to confirm the support of the Bollinger Bands middle band and the EMA moving average. If support holds, then it will oscillate upwards again. If the moving average support is broken, it will test further down to the 1750 level. The recommended approach is to sell high and buy low based on resistance and support levels.
Market Waves: 7.7 Ethereum Short-term Reference:
Short positions: Sell in the range of 1835-1805, stop loss above 1855, target at 1770-1720,
Long positions: Buy in the range of 1715-1745, stop loss below 1675, target at 1770-1800,
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