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12.8 Monday Midday Market Analysis
The price is showing a pattern of surging and then falling back. In the early hours of today, after testing 3150 points, it quickly dropped and is currently consolidating around the 3060-point area.
There are quite a few short-term wicks, and the overall number of bullish candles is slightly higher, but the momentum for a rebound has weakened.
MACD: On the daily chart, the DIF value is gradually rising from a low level but has not completely crossed the zero axis, while the DEA remains negative, indicating a certain degree of corrective rebound at present, but with limited volume support. On the hourly chart, signs of a bearish divergence have appeared and a short-term pullback should be guarded against.
RSI: On the hourly chart, it is running near the 50-level, showing the market is in a weak consolidation phase; on the daily chart, it is slowly trending around 47, indicating a slight improvement after bottoming out.
EMA: The 7 and 30 EMA lines are relatively close together in a short period, and both are spreading toward the 120 EMA, failing to form an absolutely strong support area.
ETH Trading Suggestion: Short at 3120-3150, stop loss at 3200, take profit at 3080-2950