Tonight, Ethereum first surged slightly and then quickly plunged to the 1610 line below. After testing the support, it rebounded upward again. The behavior of inducing short selling was very obvious. The low point of each plunge continued to rise, and the bottom support basically stabilized. The short-selling force continued to weaken. It is obvious that it is currently encountering strong support below, and the bulls will continue to move in the future.
From the 4-hour perspective, the Bollinger Bands narrowed downward, and the coin price was running near the middle track. KDJ turned downward, and the MACD golden cross bullish energy column failed to increase in volume.
From the 1-hour line, the MACD fast and slow lines are above the 0 axis, and the daily line is also supported by the middle track of the Bollinger Bands. The idea is still to focus on low and long.
The recommended operation for Ethereum is to go long at 1635-1625, and the target is 1660-1680.
