On the last trading day, Ethereum was in a trend of oscillation and rebound during the day session. It retraced to the support level around 3445 at noon, rebounded to around 3590 but faced resistance and fell back. In the late session, it dipped to near 3412 before rebounding again. The current market is oscillating around 3500.
Yesterday, Changlu suggested in the article that if Ethereum breaks the support at 3500, it could retrace to around 3450 for long positions during the day session. Real-time strategies also suggested entering positions around 3450-40, and those who followed the operation entered perfectly and gained profits.
Ethereum Market Analysis: Yesterday's market showed a doji trend, and the battle around 3500 was intense for both long and short positions. With the Bitcoin halving approaching in less than a month, it is not ruled out that the main force may first shake the market for a period of time before rebounding. Based on the trend of the bull market continuing for nearly a year after the halving in 2020, the positive impact of the halving on the coin price is expected to last for a relatively long time. Moreover, there is a possibility that the United States will continue to maintain or even cut interest rates, which will also have a positive effect on the cryptocurrency market. Everyone must hold on at this critical moment.
On the 4-hour chart, the market was suppressed near 3578, the 0.5 Fibonacci retracement level. The market failed to rebound after several retracements yesterday. As Changlu mentioned yesterday, for a rebound to occur, there needs to be a bottoming trend, preferably an ABC three-wave rebound. From the perspective of the 4-hour chart, the market has formed an A-wave rebound. From a technical indicator perspective, the MACD is still showing a shrinking trend, and there is a chance of further retracement to form a B-wave retracement. In that case, attention can be paid to the support near the downtrend line around 3430, and breaking below may lead to a test near 3400 before continuing with a C-wave rebound. If such a trend can be formed, there will be a chance for the market to continue to rise. Today, Changlu suggests observing the oscillation first. If it cannot break through the resistance near 3510, it will continue to retrace, and long positions can be entered during the retracement.
Operational Suggestions: Real-time strategies provided
For more strategies, follow Changlu's Weibo @长路财经
Reminder: Strategies are for reference only. Set stop-loss and take-profit levels, and consider partial profit-taking and trailing stop-loss to protect profits and avoid giving back too much profit.
The cryptocurrency trading market is always in full swing. It is everyone's common wish 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 surely achieve your cryptocurrency wealth dream faster and more steadily.
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