Cryptocurrency Circle Academician: Ethereum (ETH) is deeply trapped in a descending channel at 7.8 yet still rising against the trend? Latest market analysis for reference

The current price of Ethereum is 1808, rising from 1503 to 1800, some have doubled, some have just broken even, and some are still waiting to break free from being stuck. In fact, there’s no need to be too anxious; the market's rhythm has never followed our expectations. Don't get carried away just because of a rebound, and don’t completely lie flat because of the previous decline. Remember, in this market, mindset is more important than direction, staying alive is more important than getting rich quickly, and taking it slow is the way to go far, especially for those friends who went south under 1600.

The daily candlestick price is currently operating below EMA15 and supported by EMA30, still in a descending channel. The MACD histogram on the daily chart continues to expand; the DIF has turned upward from a low point, and the short-term downward momentum has weakened; the middle track of the Bollinger Bands is consistently moving down, and prices are running closely above the lower track, with a double bottom pattern initially showing around 1503. The key resistance above is at the Fibonacci 78.6% retracement level of 2242, with strong support below at 1503.

The four-hour candlestick is above the EMA15, 30, and 60 moving averages, with short-term moving averages arranged in an upward direction, and the rebound structure remains intact. Although the MACD red histogram has shrunk, the DIF is still above the DEA, and the upward momentum has not completely exhausted; the Bollinger Bands are opening and flattening, with prices running near the middle track, and there is short-term pressure near the upper track at 1807. From the Fibonacci retracement perspective, the price has surpassed the 23.6% level of 1730, and the next target points to the 38.2% level of 1870; if this level is held, the rebound space will further open up.

Short-term reference:

Do not break below 1780 to 1750 for upward movement, stop loss at 1720, with targets set at 1830 to 1870.

Do not break above 1850 to 1880 for downward movement, stop loss at 1910, with targets set at 1800 to 1750.

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