Yesterday, the Ethereum market showed a trend of falling back from highs. Although the price once touched a high of $3,540, it fell briefly again in the late trading under the influence of the US market, reaching a minimum of around $3,300, and then rebounded to around $3,385. Continuous shock.
Regarding the analysis of the Ethereum market, yesterday there was a trend of long upper shadow line and hammer line. Combined with other technical indicators, it showed a downward trend, and the MACD green volume column also showed a shrinking state. If there is a negative line in today's market, and in conjunction with the top model of yesterday's evening star, there may be a further pushback. On the weekly chart, if the market is shrinking and rising, and the technical indicators are in the overbought zone, it will further confirm the retracement trend. During the operation, you need to be cautious in chasing long positions and set up a stop-loss line to step back into long positions, or go short at a high level and set up a stop-loss at the same time to reduce risks.
In terms of technical analysis, the bottom focus is on the support near $3,295, and the top focus is on the breakthrough of $3,400 and the suppression of $3,440. On the 4-hour line, the market showed a trend of falling back to new highs and a bearish engulfing pattern, and then rebounded near the middle rail. If it can successfully break through the suppression of $3,385, you can pay attention to the upward trend line suppression near $3,415 above. In the white trading market, a rebound is expected after stepping back to the mid-4-hour track. At the same time, we need to pay attention to the possibility that the late trading market may continue to pull back.
