📣Ethereum trend analysis and trading strategy sharing on 11/8:
Last night, Ethereum positions in the range of 3050-3060 once again took profits, achieving returns of 100-130 points. After hitting a low of 2900, Ethereum made a deep 'V' reversal trend and surged back to 3150. During the day, it mainly fluctuated, and in the evening, it attempted to break through the resistance at 3170 but did not stabilize effectively.
From the four-hour Ethereum price trend analysis, the K-line price shows a fluctuating upward trend. The 4-hour K-line on December 08 shows that the highs are gradually rising, but there is certain pressure around 3125. After forming support around 3050, the daily level rebounded and is currently close to the previous high point in the 3179 area. The MACD 4-hour cycle MACD histogram continues to expand, indicating enhanced bullish momentum; both DIF and DEA are diverging upwards, with short-term bulls in control. The RSI(14) current value is 56.62, in a neutral to strong range, without entering overbought territory, still has room for upward movement. EMA7 (3107.30); EMA30 (3071.92); EMA120 (3068.16), the moving averages are in bullish arrangement, and the short-term trend is favorable. EMA7 provides dynamic support for the price. The 4-hour trading volume has decreased, significantly shrinking compared to the previous surge, indicating that market sentiment is becoming cautious. The daily trading volume remains stable overall, suggesting that funds have not flowed out significantly, and market confidence is still acceptable.
Trading advice for Ethereum on 11/8:
It is recommended to enter short positions when Ethereum retraces to around 3170-3190, with target points: 3120-3080-3050
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