Yesterday, the trend of Ethereum presented a kind of doji star pattern, showing an overall performance of high opening and low walking. During the early morning period yesterday, the price once touched the 1640 level, but fell back after encountering resistance. The short position has now reached the 1550 level and rebounded for correction. Subsequently, the price started to fluctuate near 1580 and has been under pressure at high levels. Overall, the intraday trend is relatively stable, without significant fluctuations.

Looking at the 4-hour chart, the current price is trading near the middle track of the Bollinger Bands, with signs of downward development in the moving averages and a flat Bollinger Bands. 1670 above becomes the dividing line of strength and weakness within the day, while attention is focused on the short-term support at 1550 below. Currently, gold is still in a narrow range of oscillation. The KDJ technical indicator shows all three lines moving downward, and the red MACD momentum column is shrinking. Whether a new direction can be established depends on the situation of breaking through the range. If there is no breakthrough, short-term coping is needed, and if there is a breakthrough, the mindset needs to be changed.

In the 1-hour trend, after hitting a recent high last night, it continued to decline, breaking through many key supports, and a new direction was decided in the short term. The downward momentum is considerable, and it is expected to continue the current downward trend today. The primary task now is to remain patient and wait. As the saying goes, as long as you don't get off halfway, you will reach your destination! In the 1-hour technical analysis, the fact is that the price has strongly broken through the moving average and the moving average has formed a dead cross pattern. However, the deviation between the price and the moving average is too large, and there will definitely be a need for a rebound correction after a rapid decline. The price in the evening is close to our expected exit point, and the future rebound will continue to be short!

Morning personal operation suggestions

Short Ethereum near 1600-1610, with a target of 1550-1500

- I am Zhu Zhengting, a teacher specializing in technical analysis. Any friends who have questions about operations or trends can communicate and learn with me! Let's exchange ideas and profit together!

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