Morning of December 9

From the 1-hour ETH candlestick chart and technical indicators, in the short term, ETH is showing a consolidation trend after an oversold rebound. Bulls show signs of recovery, but the upward momentum has not been fully released yet. In the recent trend structure, ETH surged to a stage high of 3179 before quickly pulling back to a short-term low of 3066, then formed a V-shaped oversold rebound. The rebound process was dominated by bullish (red) candlesticks, followed by a period of minor range-bound oscillation, with bulls and bears repeatedly battling in the 3100-3150 range. In the subsequent pullback, a long bearish candlestick appeared, but after bottoming out, increasingly large bullish candlesticks were formed, indicating that the downward momentum quickly weakened and bottom-fishing funds entered the market. After the rebound, the candles turned into small-bodied bullish and bearish consolidation candles, reflecting a slowdown in the short-term rebound pace and the market waiting for a direction.

Currently, the price is below the middle Bollinger Band at 3128. The upper band at 3162 is short-term resistance, and the lower band at 3094 is support. The price is moving between the middle and lower bands, indicating a range-bound consolidation after a rebound. If ETH can stabilize above the middle band, the rebound space is likely to open up. The KDJ indicator has rapidly rebounded from an oversold area to a slightly bullish neutral zone, and the J line has not yet reached the overbought area, indicating there is still short-term upward momentum for recovery. However, the indicator does not show a clear sign of turning down, so caution is needed for possible pullbacks after a surge. The MACD histogram remains negative (green bars), but the green bars have been narrowing, showing that bearish strength is quickly weakening and bulls are gradually gaining the upper hand. If a golden cross forms in the future, the rebound signal will be further confirmed.

In the short term, if the price holds above 3128, it is highly likely to rebound toward the 3160-3180 zone. If 3100 support is lost, it may retest the 3090-3070 zone.
It is recommended to take light positions near the 3150-3190 range, with a target near 3080-3040.

The above is only a personal suggestion and for reference only. Please refer to Haoyu Shipan's layout for specific guidance. $ETH ‌#eth