Ethereum retraced after reaching a high of 3290 in the previous trading day, dropping to a low of 3202. In the late session, it rebounded to 3290 but did not reach a new high. In the early morning, it retraced to around 3205 before rebounding to 3260, facing resistance at the 3230 level.

Yesterday, Changlu provided a strategy for buying on retracements in both the article and real-time strategies. Those who followed the operation could profit from multiple long positions. The recent bullish trend requires both long and short positions to set stop-loss orders to guard against unnecessary losses in the event of a market reversal.

In the Ethereum market analysis, the price retraced from the 3290 high, forming a long upper shadow and a bullish candle. The weekly chart also shows a large bullish candle. However, technical indicators show a slight downward trend, facing resistance near the 0.618 Fibonacci retracement level at around 3350. Whether the market will undergo a major correction and then attempt another rally needs to be observed based on today's overall trend. If today's candle engulfs yesterday's bullish candle, there may be an opportunity for a rally. Lately, most movements have involved retracements during the day and rebounds in the late session. Overall, the bullish trend has not gone far, and there is still a rebound trend. Attention should be paid to a breakthrough above 3300 and support near the 5-day moving average at 3180-60.

The 4-hour chart shows that the rebound was suppressed by the downtrend line above and failed to break through. It dropped to the 0.236 Fibonacci retracement level at around 3235, where the decline was halted. From a technical indicator perspective, the MACD green volume bars showed a decreasing trend, and other technical indicators also showed a downward trend. If it can break below the support near 3235, there may be an opportunity for a deeper retracement. Overall, retracements and rebounds dominate the market during the day, and the rebound mainly depends on the late session. Today, Changlu suggests watching for retracements during the day and considering long positions only if the support below is not broken.

Operational suggestion: Enter long positions near 3215-3190 on retracements, with a stop loss at 3170 and a take profit at 3275-3300.

For more real-time strategies, follow Changlu's Weibo @长路财经!

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