The Ethereum market has recently shown a continuous downtrend. The 4-hour chart indicates that the price is persistently falling along the upper Bollinger Band, with almost no significant resistance encountered. Bearish forces have significantly strengthened, and the previous support levels were successively breached during yesterday's sharp decline. This trend clearly points to the arrival of an adjustment phase.
Currently, the market seems to have reached a temporary bottom and entered a correction phase. There may be a rebound demand in the short term, but from the hourly chart perspective, the downtrend channel is still clearly visible. For traders, a more cautious strategy is to wait for the price to rebound to the mid-channel area before considering establishing a short position.
In terms of Ethereum (ETH), the 4370-4400 USD range can be viewed as a potential shorting opportunity, with a target price set around 4200 USD below. However, investors need to closely monitor market reactions near the target price to assess support strength. At the same time, setting reasonable stop-loss levels is crucial. If the price falls rapidly, it may be worth considering taking profits early.
It is important to emphasize that the cryptocurrency market is rapidly changing and highly uncertain. The above analysis is for reference only, and investors should make judgments based on their own risk tolerance and real-time market changes. In this challenging market environment, it is especially important to remain calm and rational.
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The Ethereum market has recently shown a continuous downtrend. The 4-hour chart indicates that the price is persistently falling along the upper Bollinger Band, with almost no significant resistance encountered. Bearish forces have significantly strengthened, and the previous support levels were successively breached during yesterday's sharp decline. This trend clearly points to the arrival of an adjustment phase.
Currently, the market seems to have reached a temporary bottom and entered a correction phase. There may be a rebound demand in the short term, but from the hourly chart perspective, the downtrend channel is still clearly visible. For traders, a more cautious strategy is to wait for the price to rebound to the mid-channel area before considering establishing a short position.
In terms of Ethereum (ETH), the 4370-4400 USD range can be viewed as a potential shorting opportunity, with a target price set around 4200 USD below. However, investors need to closely monitor market reactions near the target price to assess support strength. At the same time, setting reasonable stop-loss levels is crucial. If the price falls rapidly, it may be worth considering taking profits early.
It is important to emphasize that the cryptocurrency market is rapidly changing and highly uncertain. The above analysis is for reference only, and investors should make judgments based on their own risk tolerance and real-time market changes. In this challenging market environment, it is especially important to remain calm and rational.