After the ETH hourly line rose sharply and then fell back, it weakened again. The price broke below the lower Bollinger Band and probed as low as 2355. The KDJ indicator has also entered the oversold zone, which means there is a technical rebound opportunity in the short term. After the price dipped, it closed with a doji candle. You can see that the 2355 level shows signs of buy-side support. In the short run, there is potential for this wave of corrective rebound to continue.
However, it is important to note that the 2400–2416 range overhead has strong resistance. Only if the rebound can effectively hold above this zone can the current bearish bias be turned around; if the rebound is met with selling pressure and falls back again, it is still considered a corrective pullback within the downtrend.
Short-term reference: go long at 2376, target 2406, stop loss 30 points #btc #ETH
However, it is important to note that the 2400–2416 range overhead has strong resistance. Only if the rebound can effectively hold above this zone can the current bearish bias be turned around; if the rebound is met with selling pressure and falls back again, it is still considered a corrective pullback within the downtrend.
Short-term reference: go long at 2376, target 2406, stop loss 30 points #btc #ETH