$ETH Ethereum market trend analysis
Did any bulls catch the explosive rally last Friday? Whoever caught it can be said to have had a great harvest.
There isn’t any major positive catalyst on the news front. On the contrary, the interest rate hike expectation has reached 90%. So why did the price action still surge by 200 points?
It’s simply that the CPI data came in line with expectations, bringing the market a form of indirect positive impact. Previously, the broader market had been under a cloud of panic-driven sentiment. Once the data was released, it largely repaired market sentiment. Bulls then took the opportunity to release their momentum. The rally forced shorts to cut losses and close positions, creating an upward logic of “price up—short covering—price up again.”
The subsequent pullback after the surge has also been massive. At present, the Ethereum chart shows no sign of stabilization yet; it’s still in a range-bound consolidation phase. The lower level at 2460 remains the key support for now. The resistance overhead is still around 2550. If today’s price breaks below 2460, then we should look toward 2400!
Trading suggestions: You can go short at the current price. The first target is 2460. If it breaks, then look down to 2400!! Set the stop loss at 2540!!
Fortune Star has already notified followers to place short orders in advance and wait for the market to pull back!!
Fortune Star will keep a real-time watch on changes in the Ethereum chart and the flow of main funds. Once there is any latest signal, it will be synced to the pinned chat room on the homepage. If you’re interested, feel free to come ask and learn.$ETH #以太坊跌破2500美元
Did any bulls catch the explosive rally last Friday? Whoever caught it can be said to have had a great harvest.
There isn’t any major positive catalyst on the news front. On the contrary, the interest rate hike expectation has reached 90%. So why did the price action still surge by 200 points?
It’s simply that the CPI data came in line with expectations, bringing the market a form of indirect positive impact. Previously, the broader market had been under a cloud of panic-driven sentiment. Once the data was released, it largely repaired market sentiment. Bulls then took the opportunity to release their momentum. The rally forced shorts to cut losses and close positions, creating an upward logic of “price up—short covering—price up again.”
The subsequent pullback after the surge has also been massive. At present, the Ethereum chart shows no sign of stabilization yet; it’s still in a range-bound consolidation phase. The lower level at 2460 remains the key support for now. The resistance overhead is still around 2550. If today’s price breaks below 2460, then we should look toward 2400!
Trading suggestions: You can go short at the current price. The first target is 2460. If it breaks, then look down to 2400!! Set the stop loss at 2540!!
Fortune Star has already notified followers to place short orders in advance and wait for the market to pull back!!
Fortune Star will keep a real-time watch on changes in the Ethereum chart and the flow of main funds. Once there is any latest signal, it will be synced to the pinned chat room on the homepage. If you’re interested, feel free to come ask and learn.$ETH #以太坊跌破2500美元
