10.16 Ethereum market analysis

Ethereum daily line 3 top pressure plummeted to 3400, currently warming up and fluctuating around the 4000 mark. On October 8, I had already suggested to take profits on Ethereum. Currently, the four-hour chart shows 2 inverted hammers, and the 7-week MA has once again broken the middle track, indicating a clear short-term bearish trend. If it falls below the line at 4015, we can look forward to 3910. The attached MACD fast and slow lines are under pressure, and the technical KDJ is expected to reach oversold. Overall, it is suggested to maintain a bearish outlook on Ethereum.

Operation suggestion: sell in batches at the current price of 4000-4030

Target: 3910-3810

Risk control: 4050