12.5
Ethereum's rebound encountered resistance, and it's the right time to position for short!
Yesterday, Ethereum's rebound peak perfectly matched expectations, accurately encountering resistance at the 4-hour EMA220 and MA220 dual resonance position before retreating! Currently, the RSI three lines are trending downwards; although there is still a small amount of rebound momentum remaining in the short term, the overall upward momentum has clearly diminished. It is recommended to reduce positions for previously established shorts to lock in partial profits.
The upper track at the 4-hour level coincides with EMA220 and MA220, forming a strong resistance zone. This week is likely to become a short-term peak anchor point. Whether the subsequent short positions can continue to profit largely depends on whether the MACD indicator can switch from a shrinking state to a death cross with increased volume, which will be a key signal for enhancing bearish momentum.
Below, it is crucial to monitor the effectiveness of support from EMA120 and the lower Bollinger Band. If the market breaks through this range after a second test, one can look towards the key support level of MA120 for long-term short positions; if the support holds, opportunities for short-term bullish rebounds can be seized. Currently, the KDJ three lines continue to diverge downwards, and there is still space for short-term pullbacks, with resistance focusing on the EMA180-EMA220 range. Until a significant breakthrough occurs, one can consider entering short positions opportunistically.
Ethereum is positioned around the rebound at 3180, near 3240, with targets looking at 3100 and 3060.
