【October 16th ETH Technical Overview: Weak Recovery, Weak Fluctuation Unchanged】
ETH's overall trend still follows BTC but is relatively stronger. After the sharp drop, it quickly recovered but did not regain the key support zone of 4400-4500. The current price remains below 4200, fluctuating sideways, representing a technical recovery after a breakdown.
The short to medium-term moving averages are clearly under bearish pressure, with MA14/30/60 forming a strong resistance zone around 4250, making recovery difficult. The lower MA180 lifeline is at 3300. Although the long-term trend has not broken, the short to medium-term remains weak. Volume shows that the large drop was due to real selling pressure, and the subsequent rebound has low volume, indicating that the market is waiting and buying has not yet entered.
The MACD fast and slow lines are widening below the zero axis, and bearish momentum is still being released; the candlestick chart has not yet formed a double bottom structure, and thus does not have a reversal foundation.
🔹Key Support: 3850—3700
🔹Downward Target: 3400—3300
🔹Rebound Pressure: 4200—4250 (Strong Resistance)
Short-term Strategy: Mainly short on rebounds, focus on shorting opportunities in the 4050-4100 pressure zone, with a defense at 3900 support.
