Ethereum Market Analysis
On the previous trading day, Ethereum remained in a volatile market, with intensified fluctuations and increased profit opportunities. It is currently undergoing structural adjustments, maintaining a range-bound consolidation. Despite some declines, it rebounded near the support level of around 1825 after falling, and then oscillated around 1840 after being suppressed by the resistance near 1860 in the early morning.
Yesterday, Changlu provided a short-selling strategy for the rebound in the article, and combined with the real-time strategy of long positions near 1833, both long and short traders benefited from following the operations.
Ethereum Market Analysis: On the weekly chart, although there was a rebound, it did not break through the pressure of the upper moving average and experienced a pullback. The market has not yet escaped the downtrend. With the contraction of the Bollinger Bands, the price is expected to consolidate and repair within a range for a period of time. From a technical perspective, there is still a risk of further decline, and attention should still be paid to the support level near 1815. Yesterday, the market closed with a long upper shadow candle near 1860, indicating a certain amount of selling pressure. As Changlu has been mentioning, the market has completed a 3-wave pullback and is currently in the process of pulling back, with the Bollinger Bands also in a downward trend. Traders should pay attention to the support near 1815, and if it breaks, there is a possibility of testing the support around 1780 before rebounding.
On the 4-hour chart, the market continued to receive support and rebound from the retracement of the upward trend line, but it was suppressed by the Fibonacci retracement line and failed to effectively break through the pullback. It is still supported by the upward trend line, but as the pressure from above moves down, the market is increasingly under pressure. Whether it can break through the pressure within the triangular consolidation range will have a significant impact on the space. The repeated tests around 1840 are crucial, and whether it can stabilize at this important level is key. Today, Changlu suggests focusing on the support of the upward trend line below. As long as it does not break, there is a possibility of further rebound. On the upside, attention should be paid to the resistance near 1845. Only by successfully breaking through the pressure of the downward trend line can the market continue to rise. However, facing the pressure from the weekly and monthly moving averages above, in order to rise, the foundation needs to be further consolidated, and the risk of decline still exists.
Trading Suggestions: Real-time strategies are provided (can be found with Changlu).
Reminder: The strategy is for reference only. Manage your operations with proper stop-loss and take-profit measures. Set take-profit targets in batches and use trailing stop-loss to protect profits while avoiding excessive profit retracement.
The cryptocurrency trading market is always in full swing. Everyone's common wish is to seize the opportunity and get a share. Please believe that "the only thing missing between you and financial freedom is a long road." With Changlu's guidance, you will definitely achieve your cryptocurrency wealth dream faster and more steadily.
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