Wednesday's thoughts on ETH

ETH is currently showing a converging triangle pattern, and the key support level has been broken, indicating an alternating state of overbought and oversold. In the short term, it is necessary to be cautious of its tendency to follow BTC's movements but with weaker independence; if BTC cannot break through the resistance level and retreats, ETH is likely to decline as well. Additionally, during a short-term rebound, it faces strong resistance, making sustained upward momentum difficult.

On the four-hour level: Previously, the MA5 and MA10 moving averages formed a death cross. After the price broke below the key support level of $2960, although the current RSI indicator has exited the extreme oversold range, there is a technical repair demand, but the rebound strength is limited. The lower Bollinger Band at $2830 forms potential support, while the middle band at $3020 constitutes strong short-term pressure. Overall, it presents a choppy consolidation trend, and it is very likely that there will be a wave of probing for a bottom! The short-term thought for the morning is to look at the high short and low long oscillation range!

ETH rebound at 3000-2990 short, looking down to 2870-2800$ETH #ETH走势分析

ETH pullback around 2880-2900 long, first looking at 3000-3050