December 16th, Sister Ting talks about ETH
Dear friends, today's ETH market is quite clear: it's a technical rebound within an extreme bearish trend. Don't mistake the rebound for a reversal! The price has plummeted through the lower Bollinger Band at 2931.21, dropping to 2870 before rebounding back near the lower band. This is just a brief respite after the bears let off some steam; the overall downward trend remains unchanged.
The three Bollinger Bands are clearly opening downwards, with the middle band at 3067.68 and the distance between the middle and lower bands widening. The standard descending channel is still intact. The price is currently back at the lower band, but it has now become a resistance level. The middle band is the short-term dividing line between bulls and bears. Until it is broken, all upward movements are merely rebounds, and the current price is still over 130 points away from the middle band, making the rebound path full of obstacles.
Looking at the technical side, the price is firmly held down by EMA7 and MA7, clearly indicating a bearish arrangement. The candlestick has a long upper shadow, showing that as soon as the rebound showed its head, it was suppressed by selling pressure; the MACD double lines are in the deep water area below the zero line, with a green column at -32.7. Even if it has slightly shortened, the downward momentum is not exhausted. The trading volume is even more telling: the downtrend is accompanied by increased volume, while the rebound has decreased volume, a typical continuation of the downtrend, and the buying pressure is very weak.
The fundamentals are also extremely bearish, with a net outflow of $717 million in 24 hours! This is definitely a signal of large funds exiting, something retail investors cannot stir up. With 18.497 billion in high positions, the drop directly triggered a long liquidation, causing either liquidation or stop-loss for bulls, and subsequent fluctuations will definitely not be small.
Market sentiment is a mix of panic and hesitation; the crash has forced all panic selling out, and the weak rebound has made everyone afraid to take action. Now everyone sees the rebound as a chance to escape, confidence is shattered, and it could weaken again at any moment.
The trend analysis is very clear: don't even think about a direct V-shaped reversal; it's more likely to oscillate at low levels to find balance. The resistance above is at the 3000 integer level and the EMA7 pressure zone, with strong resistance at the middle band of 3067; the support below looks first at the lower band of 2931, and the intraday low of 2870 is the lifeline. If it breaks below, a new downward space opens up.
Sister Ting's trading advice: Short around 2960-2995,
Targeting 2925 and 2880.
Strategies have a time sensitivity, so keep an eye on the levels and don't hesitate. For those unsure, like and follow for anytime consultation with Sister Ting.
