A major market movement is expected tomorrow! ETH 4-hour chart: Can tonight's non-farm data unveil the mystery of the breakthrough?
Currently, the ETH market is at a critical juncture. Technically, the price is oscillating in the range of 2780 - 2870, with a temporary balance between bulls and bears. However, various indicators suggest that the market is about to undergo a significant level breakthrough, though the direction remains unclear.
On a macro level, the release of the U.S. non-farm employment data for November tonight will be an important factor influencing market direction. If the data is weaker than expected, it may push ETH to break through resistance; if the data is stronger than expected, ETH may face downward pressure, testing support levels.
Fundamentally and on-chain analysis show that whales have been continuously accumulating at low levels, providing some support for the market. The fundamentals of the ETH ecosystem are also relatively stable, with long-term value support. However, the short-term price direction is more dependent on macro liquidity expectations and the resonance of technical signals.
For traders, it is advisable to remain cautious before the data release, reducing contract leverage or closing positions, and considering hedging spot positions with options. Set up triggering lines for going long on a breakout and going short on a breakdown, along with stop-loss orders. After the data release, based on the price performance at key levels and volume conditions, choose either a breakout-following strategy or a wait-and-see approach. Initial positions should be light to avoid blindly following the crowd.
Overall, the current market uncertainty is high. Patience is required to wait for the market reaction post-data release, and operations should be based on clear signals while strictly controlling risk, which is a more prudent strategy.
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