Thursday noon Ethereum market analysis

A brief review: Yesterday, Ether also synchronized with Bitcoin, experiencing fluctuations and moving down to around the 3526 level, followed by a counterattack and currently fluctuating around the 3650 level. It is worth noting that last night, Ether's pullback just happened to reach the expected level we anticipated. I wonder if my friends were able to make a profit. Bitcoin is currently not showing much movement, hovering around the 119000 level with back-and-forth action. In the afternoon, I will continue to maintain the short position from this morning; if the 119000 level stabilizes effectively, it would not be too late to reverse positions.

From a technical perspective: Currently, Ethereum shows signs of weakening retracement momentum. In the four-hour chart, the candlestick indicates that the trading volume is gradually shrinking during the retracement process, suggesting that the bearish selling pressure has significantly diminished. In terms of the Bollinger Bands indicator, the price is gradually approaching the middle band, and the middle band is showing a gentle upward trend, initially indicating a support effect. The RSI indicator has rebounded from the oversold zone to around the 50 level, and the momentum indicator has shifted towards bullish, with the overall technical pattern leaning positively.

Operation Suggestions:
In the morning, Ethereum and Bitcoin engaged in a tug-of-war. Similarly, we should maintain a short position for now. Pay attention to the support at the 3620 level for a potential long position aiming for 3670. If it breaks through and stabilizes above, we will further look at 3700; if it breaks below 3600, consider a reversal or a stop-loss exit.
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