Live Review

In the morning, it was mentioned that Ethereum was experiencing sideways fluctuations with a slight upward trend, and the peak of the rise at that time was 3765. There were two rebounds that did not break through 3765 during the consolidation process. I mentioned to everyone that the key point for Ethereum is to pay attention to whether the fluctuation range can break through, which means during this upward fluctuation process, whether it can effectively break through 3765. If it cannot break through 3765, a downward correction will occur. Moreover, the hourly volatility is quite large, around 50 points, which means Ethereum is likely to trend downwards. At that time, it fell to 3720, then entered a small consolidation before a second drop, directly breaking below 3700.

If we look at the details, we will analyze this technical indicator together. First, we look at the Bollinger Bands on the one-hour chart. The three lines are nearly horizontal, but the lower band is opening downwards, indicating a tendency for the market to fluctuate downwards. The lower band of the Bollinger Bands is providing temporary support, but we can only say it serves as support in the short term. Next, we look at the MA A moving averages. The 5-day and 10-day moving averages have crossed, forming a death cross that has penetrated the 30-day moving average downwards. Currently, the MA five has crossed the 30-day moving average. Therefore, before this line is completely crossed, if Ethereum shows a slight rebound here, the high point of the rebound corresponds to the price of the MA five moving average, which is 3698. Will it be able to hold this price?