Academician of the Cryptocurrency Circle: The downward trend of Ethereum on the daily chart continues on May 23! 2117 is just a retracement in the decline, is the rebound an opportunity to short? Latest market analysis and trading suggestions
The current price of Ethereum is 2120, the overall market trend is bearish, small-level attempts for rebounds, and the daily downward trend remains unchanged. The 4-hour rebound is merely for correction; don’t confuse the rebound with a reversal. It’s a pity to throw away something without eating it. The daily chart has not reversed, and the 4-hour rebound is small-scale; do not hold onto fantasies of doubling by bottom-fishing. It's better to make quick entries and exits on short terms. Set a stop loss properly, don’t go against the trend, or you will be taught a lesson in every minute. It's always better to be stable.
The daily K-line is in a clear downward trend, and the price of 2116 has broken below all EMA15/30/60/90/120 moving averages, confirming a downward arrangement. The MACD indicator shows that DIF, DEA, and the downward momentum of MACD is still being released, with no significant decay observed. The middle band of the Bollinger Bands at 2248 continues to press down, with the price finding weak support around the lower band at 2063. The overall channel is opening downwards, indicating a bearish trend. The short-term resistance is in the 2200-2250 range; if it cannot be broken, the downward trend is likely to continue.
The 4-hour K-line is operating below the EMA15/30/60/90/120, with moving averages arranged downward but the slope is slowing, indicating weakening downward momentum. MACD indicator DIF, DEA indicates a budding bottom divergence, and there is a short-term need for rebound correction. The middle band of the Bollinger Bands around 2126 is under pressure, and the price is oscillating near the upper band at 2104. The channel is narrowing, and the range of fluctuation is compressed, with intensified competition between bulls and bears. Currently, it is at a consolidation stage after a decline, with rebound heights limited, and upper pressure is in the 2140-2160 range.
Short-term reference:
Going north from below 2110 to 2100, set a stop loss at 2060, and aim for a target of 2140 to 2160; if it breaks, aim for 2200.
Going south from above 2160 to 2180, set a stop loss at 2200, and aim for a target of 2110 to 2080.
The current trend is bearish; long positions should only be for short-term rebounds, while short positions should be the main focus. Strictly set stop losses to avoid being swept away by volatility.
Specific trading operations should be based on real-time market data. For more detailed information, you can consult the author. There may be a delay in the article's posting; suggestions are for reference only, and risks are to be borne by the reader.
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