On the previous trading day, Ethereum made multiple attempts to break through the upper rail of the daily line at 3735, but failed and retraced. Despite the fluctuations, the overall trend is in a downward oscillation, reaching a low point of 3450 in the early hours of today, forming a large bearish candle. The current market is oscillating around 3485.
Yesterday, in both the article and real-time strategies, Changlu predicted a market correction and suggested a short strategy. During the retracement, corresponding long positions were also recommended. Those who followed the operations, both long and short, have gained.
Ethereum Market Analysis: Yesterday, the market's downward test reached the support near the daily midline at 3450, directly falling from near the upper rail to near the midline. This morning, the market tested the support of the midline again. From a technical indicator perspective, the MACD is still in a volume state. Yesterday's large bearish candle consumed half of the previous day's large bullish candle. Therefore, today's market needs to pay attention to the support near the daily midline. Generally, the daily midline has certain support and needs to be tested multiple times. If it does not break, there will be an opportunity for further rebound. If it breaks, attention should be paid to the support near the weekly 10-day moving average. In six days, it will be the halving day of Bitcoin. Whether it will lead to a positive trend or a negative trend remains to be seen in the specific market conditions in the future, and the possibility of another correction cannot be ruled out.
On the 4-hour chart, Changlu mentioned yesterday that there was a trend of rebound and retracement. If the third wave fails to extend, there is a chance of a retracement in the fourth wave. Yesterday's sharp decline pierced the support near the Fibonacci retracement line at 0.618, around 3485. This morning, it tested the support again and rebounded. From a technical indicator perspective, the MACD is in a bearish trend, touching the upper rail and failing to break through, leading to another retracement. Overall, the market has a trend of volume-driven decline. Today, Changlu suggests that if the rebound does not break through the upper resistance, short positions can be entered first, and attention should be paid to the support near the daily midline. If the fourth wave of the extended wave cannot be formed, long positions can be entered.
Operation Suggestions: Real-time strategies provided.
Reminder: The strategy is for reference only. Set up stop-loss and take-profit, and consider partial profit-taking and trailing stop-loss to protect profits and avoid giving back too much profit.
The cryptocurrency 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 the guidance of Changlu, you will definitely achieve your cryptocurrency wealth dream faster and more steadily.
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