Ethereum saw a significant pullback in the previous trading day, starting from a high point near 3656 in the morning and retracing after hitting 3500 in the afternoon. It rebounded to 3570 but was suppressed by the upper moving average. In the late session, it fell again and dropped to around 3415 in the early morning before rebounding. The current market is oscillating around 3490.
Yesterday, Changlu suggested in the article to observe the retracement of the market and pay attention to the support near the downtrend line at 3600. If it breaks, it may test the area around 3555. Real-time strategies also provided corresponding short-selling tests, and both long and short positions were profitable for those who followed the operations.
Ethereum Market Analysis: Yesterday, the daily chart formed a long lower shadow hammer, with the bearish candle completely engulfing the previous day's bullish candle and breaking below the middle support line. The weekly chart also dropped to the support level of the 5-day moving average. From the weekly chart, there is a continued downward trend in the market. If it breaks the support near 3496, there may be an opportunity to further test the area around 3400. If it continues to retrace, attention should be paid to the vicinity of the lower daily chart.
The 4-hour chart yesterday failed to break through the previous high near 3685 and retraced, forming a M-top pattern. The rebound in the morning received support from below, and it is worth noting whether the rebound can break through the resistance near 3540, which is the 0.5 Fibonacci retracement level. If it fails to break through, it will continue to retrace and continue the M-top pattern. The downtrend on the 1-hour chart also formed a 5-wave retracement model and is currently in the rebound wave of the fourth wave. If it can form the fifth wave, there may be an opportunity to break below the low point of the third wave. The Bitcoin halving is just over a dozen days away, so there may be a retracement before the halving, followed by a rebound. Of course, attention should also be paid to the occurrence of good news leading to bad news. Ethereum's previous upgrade led to such a market. If you cannot grasp it, you can pay attention to Changlu's guidance. Today, Changlu suggests observing the rebound first. If it fails to break through the resistance at the neckline position, you can enter a short position.
Operation Suggestions: Real-time strategies provided
Reminder: The strategy is for reference only. Trade with good stop-loss and take-profit measures. Set profit-taking targets and trailing stops to protect profits and avoid giving back too much profit.
The cryptocurrency 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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