The balance is about to be broken! $ETH is narrowing, a big market is about to come!
Ethereum is overall showing a narrow fluctuation pattern, with prices repeatedly testing around $2950. The long upper shadow formed by yesterday's rise and fall indicates clear resistance above, but today's price fluctuations have narrowed, and the market has entered a brief state of balance.
Technical indicators are showing mixed signals:
In the hourly MACD indicator, the DIF line is gradually approaching the DEA line and shows signs of forming a golden cross, while the green energy bars are beginning to shrink, indicating that the short-term downward momentum is weakening.
The RSI indicator is around 47, situated in a neutral to weak area, and has not yet formed a clear overbought or oversold signal.
In the moving average system, prices are competing around the EMA7, with EMA30 and EMA120 above forming a short-term resistance zone.
The $2950 area has seen multiple lower shadow tests, indicating that there is certain buying support at this position. If this support can hold, prices are expected to rebound towards the $2970-2980 area; if it breaks below $2950, it may further test the $2930-2920 support range.
Changes in trading volume are worth noting:
Recent trading volume has shown characteristics of increasing declines and decreasing rebounds, and the increase in volume accompanying large bullish candles has not been sustained, indicating a lack of willingness to chase high prices. Current trading activity has decreased, and the market needs new volume support to break through the current fluctuating range.
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