Ethereum barely moved all day today, stuck in a narrow range around 2,400.
After yesterday’s big bearish candle wiped out the gains from the previous two days, buyers and sellers are both waiting for a clear direction. Bitcoin is doing the same, grinding sideways just above 80,000.
Let’s review the levels I wrote about yesterday.
The 2,375 support was briefly broken in the early hours, with the price dipping to 2,360, but it quickly recovered, and the 4-hour candle didn’t close below it.
The 2,440 resistance wasn’t tested at all today; the rebound ran out of steam at 2,417.
For the short term, let’s look at the 4-hour chart.
Resistance is around 2,420; price tested this level twice during the day, and was pushed back both times.
Support below has shifted to 2,360, the low of that long lower wick from the early hours.
For the medium term, let’s look at the daily chart.
Resistance is around 2,500, where the 20-day moving average has now turned downward; the 50-day moving average is still higher up, acting as resistance.
Support remains at 2,320, the double bottom formed by the two tests last Thursday and this Monday.
My view is that the short-term trend is weak and choppy, and narrow sideways trading usually doesn’t last long.
Only a move above 2,420 would open the door to retesting the 2,440–2,500 range.
A break below 2,360 would likely send the price down to test the 2,320 double bottom. If that gives way, this correction will likely continue lower in search of support.
Weekend liquidity tends to be thin, so a breakout in either direction could move faster than usual.
$ETH
#以太坊 #MarketAnalysis
After yesterday’s big bearish candle wiped out the gains from the previous two days, buyers and sellers are both waiting for a clear direction. Bitcoin is doing the same, grinding sideways just above 80,000.
Let’s review the levels I wrote about yesterday.
The 2,375 support was briefly broken in the early hours, with the price dipping to 2,360, but it quickly recovered, and the 4-hour candle didn’t close below it.
The 2,440 resistance wasn’t tested at all today; the rebound ran out of steam at 2,417.
For the short term, let’s look at the 4-hour chart.
Resistance is around 2,420; price tested this level twice during the day, and was pushed back both times.
Support below has shifted to 2,360, the low of that long lower wick from the early hours.
For the medium term, let’s look at the daily chart.
Resistance is around 2,500, where the 20-day moving average has now turned downward; the 50-day moving average is still higher up, acting as resistance.
Support remains at 2,320, the double bottom formed by the two tests last Thursday and this Monday.
My view is that the short-term trend is weak and choppy, and narrow sideways trading usually doesn’t last long.
Only a move above 2,420 would open the door to retesting the 2,440–2,500 range.
A break below 2,360 would likely send the price down to test the 2,320 double bottom. If that gives way, this correction will likely continue lower in search of support.
Weekend liquidity tends to be thin, so a breakout in either direction could move faster than usual.
$ETH
#以太坊 #MarketAnalysis
