The weekly trend of Ethereum is still in a downtrend. Pay attention to the support near 2230 for a volatile market.

12.25 Chānglù video analysis: Click to watch

On the 4-hour chart, the market broke through the downward trend line resistance last Friday, rebounded continuously, and rose to around 2345 before the upward trend stopped and retraced. Over the weekend, it rebounded but failed to break through the previous high and continued to decline. In the morning, it rebounded from the support of the lower 4-hour chart. According to the 5-wave model, the rebound from 2116 to 2345 has formed an upward rebound in five waves. If it fails to form the extension wave of the fifth wave, then the retracement to 2240 can be considered as a retracement of the third wave. The market just touched the lower 4-hour chart and rebounded, showing the trend of forming the fourth wave rebound. Today, Chānglù suggests focusing on the rebound first. If it fails to break through the resistance above, consider entering a short position. Pay attention to the breakthrough of 2290-2300 on the upside and the support of 2240-2220 on the downside.

Trading suggestion: Enter a short position near 2285-2315 on the rebound, stop loss at 2330, take profit at 2235-2220.

For more strategies, follow Chānglù's Weibo @Chānglù Cáijīng.

Reminder: The strategy is for reference only. Set up stop-loss and take-profit levels, and consider taking profits in batches and using trailing stop-loss to protect profits while avoiding excessive profit loss.

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 the guidance of Chānglù, you will definitely achieve your cryptocurrency wealth dream faster and more steadily.

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