Hello friends, I am Hongcai! Last night ETH suddenly plummeted by 160 points, many people must have been stunned, right? Don't panic, hold on tight, Hongcai will break down the market script for you!
News side
The two main culprits for the crash early this morning: First, miners collectively dumped their holdings, and the selling pressure was like a mountain; second, US national debt broke 30 trillion dollars for the first time, causing global markets to shake! But ETH did indeed hold the rebound at the 3035 support level, indicating that there are strong hands protecting this position, it’s not just paper!
But today we focus on the PCE data at 11 PM tonight. If it is bullish, will it start to soar? If it is bearish, will it crash like early this morning?
Technical analysis
The 1-hour chart is performing well! The current price is fluctuating around 3162, and right above is the critical point 3210, the dividing line between bulls and bears. If it stabilizes here, the upward space will open! However, the MACD is still in a death cross, indicating short-term adjustment pressure; but pay attention, the yellow and white lines are still above the 0-axis, indicating that the major trend hasn't turned bad yet. The sudden increase in volume may be a precursor to a trend change, and a rising red bar is often the last vent of the bears. Both RSI and MFI are hovering around 50, as the market waits for a signal!
My opinion
Today the core focus is on 3210! If it breaks through with volume and stabilizes, the next target will be 3356, which might even trigger a rebound. But if it stalls around 3210, there is a high probability of revisiting 3035, and if that can't hold, 2880 may also be tested. Tonight's volatility is sure to be significant, and bulls and bears will fiercely battle here!
Hongcai's suggestion: Don't chase high before breaking through 3210! Better to earn less than to fall into a pit. If it rises and falls back, breaking 3035, it's better to withdraw in the short term and wait for stabilization before considering re-entry. Position management is life! Don't go all in; leave some bullets to seize opportunities.
The market has reached a critical point, and every step must be steady. Pay attention to Hongcai, let's respond rationally together, without greed or panic, and wait for the market to give an answer before moving! I am Hongcai, only speaking the truth of the crypto world that you can understand! Follow Hongcai and participate in every attack of Hongcai! Hongcai will announce the specific entry time and real-time news every day at Caishen's house!#ETH走势分析 $ETH
