ETH Morning Analysis
From the current short-term structure observation, ETH retraced to the 0.382 Fibonacci level at 2422 last night and then rose again, reflecting strong bullish intent in the market.
The trigger for this round of rally was an internal rumor about US-Iran negotiations, which was later denied, but the market did not quickly plunge, indicating that the accumulation phase below was sufficient and most likely completed.
Technically, ETH has broken through the previous downtrend resistance line on the 4-hour chart, laying the foundation for a rebound. However, with a dense schedule of US stock earnings reports this week, the Nasdaq's movement will strongly influence the crypto market, so continuous attention is needed.
From the current short-term structure observation, ETH retraced to the 0.382 Fibonacci level at 2422 last night and then rose again, reflecting strong bullish intent in the market.
The trigger for this round of rally was an internal rumor about US-Iran negotiations, which was later denied, but the market did not quickly plunge, indicating that the accumulation phase below was sufficient and most likely completed.
Technically, ETH has broken through the previous downtrend resistance line on the 4-hour chart, laying the foundation for a rebound. However, with a dense schedule of US stock earnings reports this week, the Nasdaq's movement will strongly influence the crypto market, so continuous attention is needed.