Friends, let's talk about the trend of ETH today! Judging from the 4-hour chart, the market is currently bearish. The 5-day moving average has fallen below the 10-day moving average. The current price of $3,702 is far below the two moving averages. The overall trend is obviously bearish. However, the fact that the price is so far away from the moving average also shows that the short-term decline is a bit "overdone". A rebound may be brewing, but if you want to truly turn around, you must first break through the mountain of the moving average. In terms of key price levels, US$3,800 to US$3,900 is the strong pressure area in front of us. Many people entered the market at this position before, but now they are all holding on. Once it rebounds to this level, the selling pressure will definitely be considerable. The next support is $3,669, which is the recent low. If it cannot hold up, the next psychological defense line is 3,600. Judging from the trading strength, although the comparison shows a slight bias towards the long side, the buying orders are scattered and no big funds are really taking action. There are still more than 500 orders piled up near the selling price of $3,703, like a small wall. If you want to move up, you must first digest this batch of selling pressure. In terms of transactions, there are not many large orders, and the main players are waiting and watching. It is a negative decline mode, and panic selling has not yet occurred. So how do we go today? It is expected that the market will continue to test the bottom during the Asian session. The focus will be on whether 3669 can be held. If it is held, it may rebound to around 3750. The European market may choose a direction. If it breaks through 3780, there is a chance to be bullish in the short term. ； If 3669 falls below, it may accelerate towards 3600. When the U.S. market opens, volatility tends to increase, so be careful of sudden market moves. In terms of operation, short-term players can sell high and buy low between 3660-3780, but they must bring a good stop loss. Friends who have a mid-line layout, don't worry, wait for the daily line to show a clear signal to stop the decline, such as a long lower shadow line or bottom divergence, and then consider taking orders in batches in the 3600-3650 range. As a reminder, if the entire cryptocurrency market cap falls below $2.3 trillion, ETH is likely to be dragged down to test support at 3,500. For short-term operations, you can come and chat with Lao Li for technical analysis by a professional team.
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