March 5 Ethereum Market Analysis: Surge and Rebound, How Should We View Today?
Let's first look at the daily level.
MACD and KDJ are still moving upwards, and the BOLL channel continues to narrow and fluctuate. What does this indicate? Both bulls and bears are still in a standoff, with no clear winner.
In terms of moving averages, MA5 and MA10 are still resonating upwards, and the decline rate of MA30 has also slowed down, which are all good signs. But here's the problem: there is a small gap between the price and MA5, and the surge from yesterday to early this morning just hit the upper point of the short-term range near 2200.
Note that this position is a key resistance level. The upper BOLL band has not opened, indicating that there is significant selling pressure above, making it not so easy to break through in one go.
Therefore, the script for today is likely: first repair the moving average gap, and then make a pullback to digest around the 2200 resistance level.
Next, let's look at the 12-hour level.
KDJ, MACD, and BOLL are all in a fluctuating upward posture, and the moving averages are also in a bullish arrangement, with the overall direction still leaning bullish. But the same issue: there is also a gap between the price and the five-day moving average, which requires time to repair.
The 4-hour chart is even more interesting. Ethereum is noticeably weak in its upward momentum, with the 12 o'clock candlestick closing bearish and weak. Meanwhile, Bitcoin has stabilized at the green TD9, indicating that Bitcoin has not collapsed for the time being, but Ethereum seems to be lagging behind.
So how should we view today?
From the perspective of ultra-short-term trading, today is likely to have a fluctuating downward rhythm, first pulling back and then looking for opportunities.
For ultra-short-term support, we should first look at the 2040-1980 area. As long as this position does not break, after the pullback, it can continue to rise. If it breaks, then we will need to redraw the chart.
The upper pressure remains at the old position, in the 2170-2215 area. To break through here, there must be accompanying volume; relying solely on a hard pull will not work.
To summarize in simple terms:
Today is likely to first decline and then stabilize, with support at 2040-1980 and pressure at 2170-2215. If the support holds after the pullback, there is still hope for the future; if it directly breaks, then don’t rush to bottom-fish in the short term.
#BTC #ETH
Let's first look at the daily level.
MACD and KDJ are still moving upwards, and the BOLL channel continues to narrow and fluctuate. What does this indicate? Both bulls and bears are still in a standoff, with no clear winner.
In terms of moving averages, MA5 and MA10 are still resonating upwards, and the decline rate of MA30 has also slowed down, which are all good signs. But here's the problem: there is a small gap between the price and MA5, and the surge from yesterday to early this morning just hit the upper point of the short-term range near 2200.
Note that this position is a key resistance level. The upper BOLL band has not opened, indicating that there is significant selling pressure above, making it not so easy to break through in one go.
Therefore, the script for today is likely: first repair the moving average gap, and then make a pullback to digest around the 2200 resistance level.
Next, let's look at the 12-hour level.
KDJ, MACD, and BOLL are all in a fluctuating upward posture, and the moving averages are also in a bullish arrangement, with the overall direction still leaning bullish. But the same issue: there is also a gap between the price and the five-day moving average, which requires time to repair.
The 4-hour chart is even more interesting. Ethereum is noticeably weak in its upward momentum, with the 12 o'clock candlestick closing bearish and weak. Meanwhile, Bitcoin has stabilized at the green TD9, indicating that Bitcoin has not collapsed for the time being, but Ethereum seems to be lagging behind.
So how should we view today?
From the perspective of ultra-short-term trading, today is likely to have a fluctuating downward rhythm, first pulling back and then looking for opportunities.
For ultra-short-term support, we should first look at the 2040-1980 area. As long as this position does not break, after the pullback, it can continue to rise. If it breaks, then we will need to redraw the chart.
The upper pressure remains at the old position, in the 2170-2215 area. To break through here, there must be accompanying volume; relying solely on a hard pull will not work.
To summarize in simple terms:
Today is likely to first decline and then stabilize, with support at 2040-1980 and pressure at 2170-2215. If the support holds after the pullback, there is still hope for the future; if it directly breaks, then don’t rush to bottom-fish in the short term.
#BTC #ETH