On the previous trading day, Ethereum continued to test the rebound near the low point of 3460 during the day session, showing a double-pin bottoming trend. In the evening session, it rebounded near 3615 but fell back to around 3535 before rising again. The current market is oscillating around 3580.
As mentioned in the article yesterday, the market has a retracement trend. The support at 3460 can continue to be monitored. If it fails to form an extended wave after the fourth wave retracement, it will form a fifth wave rebound. However, the condition for forming a five-wave rebound trend is to break the high point of the fourth wave. Real-time strategies also suggest entering long positions near 3500. Friends who follow the operation can hold on to the next wave of profits.
Ethereum market analysis: Ethereum's price has tested the support rebound near the weekly 5-day moving average multiple times. Yesterday, it formed a small positive candlestick, and this morning it received support at the 5-day moving average below. The market is oscillating near the midline and moving average. From a technical indicator perspective, the MACD is in a shrinking state, and other technical indicators are also in a cohesive trend. At present, it is a critical moment before the halving of the market. The market will experience oscillation and consolidation before showing a directional trend. Overall, the positive impact of the halving cannot be ignored.
On the 4-hour chart, the market received support and rebounded after retracing the upward trend line below, but it was suppressed near 3580, the 0.5 Fibonacci retracement level. The market is in a oscillating trend. From various technical indicators, there is a trend to continue to challenge the midline and the Fibonacci retracement line near 3580. If it can stabilize near the support of 3580, the market will have a chance to rebound. Looking at the overall market trend, the strength of the rebound at the high point is getting weaker, and it is suppressed by the daily midline. The Bollinger Bands on the 4-hour chart are showing a downward trend. If it continues to oscillate, a prolonged sideways movement will lead to a decline. The market will once again show a bearish trend before the halving. In terms of operation, it is important to pay attention to the breakthrough of key levels. Today, Long Road suggests observing the market's oscillation first. If it does not break the upper resistance, you can consider entering a short position with a stop loss, and pay attention to the support near 3535.
Operational suggestions: Real-time strategies are provided.
For more strategies, follow Long Road's Weibo @长路财经
Reminder: Strategies are for reference only. Trade with proper stop-loss and take-profit measures. Set profit-taking targets and implement trailing stop-loss to protect profits and avoid excessive profit loss.
The cryptocurrency market is always in full swing. It is everyone's common desire to seize the opportunity and get a share. Please believe that "the only thing between you and financial freedom is a Long Road." With Long Road's guidance, you will surely achieve your cryptocurrency wealth dream faster and more steadily.
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