Ethereum experienced a corrective rebound last night and early this morning, which was expected. It was mentioned in yesterday's article that a rebound would occur, suggesting to gradually take short positions. This morning at 8 AM, the daily line closed with a large bearish candle. Currently, there is significant selling pressure above. The KDJ and MACD technical indicators are both in a bearish resonance downtrend phase, while the BOLL technical indicator is within the lower channel. Additionally, the price is still under pressure from the MA5 daily moving average, but the MA30 daily moving average has shown a slight upward trend. The DIF and DEA technical indicators are also pressing down together. From this, it can be seen that the daily technical indicators are undoubtedly dominated by bears, so the trading strategy for the day still suggests focusing on shorting during rebounds.
From the 4-hour technical indicators, the KDJ and MACD indicators, along with the BOLL indicator, are in a bearish resonance downtrend. The short-term BOLL indicator has directly dropped to near the lower band, and the MA3 daily moving average continues to decline. The short-term MA5 and MA10 moving averages are also pressing down. From the recent rise on October 27, I have already established a bearish market. That rise just touched the downward high resistance level, and the pressure has remained unbroken, leading to a subsequent price drop. Considering both the daily and short-term perspectives, it is highly likely that the price will continue to fluctuate downwards today. Given that trading volume over the weekend is usually low, it is advisable to minimize actions and observe more.
Ethereum: Short near 3440-3475, Stop Loss: 3550, Target: 3320-3280
Bitcoin: Short near 103000-103800, Stop Loss: 101500-100000
The above is my personal market analysis from this morning, for reference only. Specific point direction changes should be based on real-time guidance.
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