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$ETH
Next, let's talk about the market trends of ETH.
1. On the daily chart, which is Figure 1, ETH first broke out of the wedge and moved upwards, but was then suppressed by the daily EMA 200 moving average. After being pressured, it fell back into the daily wedge again. Therefore, the previous breakout action was similar to what I mentioned in my live stream and in several earlier posts; it was a false breakout aimed at liquidating short positions. Now that the price has returned to the interior of the wedge, the probability of testing the lower edge of the wedge (3100) or breaking through the lower edge to establish a new downtrend has significantly increased.
2. On the four-hour chart, which is Figure 2, the information provided is that the candlestick has broken below the wedge, and it even made a move that broke through the upper edge of the wedge, with the price retracing to the upper edge to confirm the resistance is effective. However, it is important to note that the MACD pattern on the four-hour level is bullish, while the MACD on the daily level is bearish. This involves a gradual digestion of the MACD, waiting for the bullish volume on the four-hour MACD to be digested, which is when it turns into a bullish candle. Then, the daily bearish volume can be released more smoothly and quickly.
Note: The current price and position indeed meet the conditions for adding positions, but the four-hour MACD shows bullish behavior, so I do not want to add positions here while the MACD is digesting bullish volume.
So, if you have a short position, you just need to hold it and wait for the MACD here to digest. You can wait to add positions until the lower edge is broken, which is at the position of 3100.
In other words, choosing a steadier and better position to add to your profits would mean that 3100 is broken down significantly, establishing a position below 3100, and moving downwards, then the downtrend will begin, which would be the best position to add.
Some people are asking how high SUI can go? If Ethereum can break below 3100, SUI reaching around 1.3 is just a matter of a few candlesticks.
Next, let's talk about the market trends of ETH.
1. On the daily chart, which is Figure 1, ETH first broke out of the wedge and moved upwards, but was then suppressed by the daily EMA 200 moving average. After being pressured, it fell back into the daily wedge again. Therefore, the previous breakout action was similar to what I mentioned in my live stream and in several earlier posts; it was a false breakout aimed at liquidating short positions. Now that the price has returned to the interior of the wedge, the probability of testing the lower edge of the wedge (3100) or breaking through the lower edge to establish a new downtrend has significantly increased.
2. On the four-hour chart, which is Figure 2, the information provided is that the candlestick has broken below the wedge, and it even made a move that broke through the upper edge of the wedge, with the price retracing to the upper edge to confirm the resistance is effective. However, it is important to note that the MACD pattern on the four-hour level is bullish, while the MACD on the daily level is bearish. This involves a gradual digestion of the MACD, waiting for the bullish volume on the four-hour MACD to be digested, which is when it turns into a bullish candle. Then, the daily bearish volume can be released more smoothly and quickly.
Note: The current price and position indeed meet the conditions for adding positions, but the four-hour MACD shows bullish behavior, so I do not want to add positions here while the MACD is digesting bullish volume.
So, if you have a short position, you just need to hold it and wait for the MACD here to digest. You can wait to add positions until the lower edge is broken, which is at the position of 3100.
In other words, choosing a steadier and better position to add to your profits would mean that 3100 is broken down significantly, establishing a position below 3100, and moving downwards, then the downtrend will begin, which would be the best position to add.
Some people are asking how high SUI can go? If Ethereum can break below 3100, SUI reaching around 1.3 is just a matter of a few candlesticks.
Disclaimer: Includes third-party opinions. No advice. Binance AI may be used without guarantee. See T&Cs.