ETH Analysis

The four-hour Bollinger Bands are opening up, with the middle band trending downward. After the price broke below the lower band, the weekly MA120 provided support and rebounded upward. The MA5 and MA10 formed a death cross and continued downward, while the MA30 broke below the MA60 and MA240. The MACD formed a death cross below the zero line, indicating weakening bearish momentum. The RSI is in the oversold area with a golden cross that has not yet opened, suggesting a possible complex crossover. On the one-hour chart, the Bollinger Bands are opening downward, with the long-term moving averages showing a one-sided downtrend. The short-term moving averages are crossing over, and after the price broke below the Bollinger Bands, it started to oscillate downward, not breaking the four-hour MA5 before falling again to a lower point. If it does not break above the middle band, it will likely decline again. The MACD is forming a golden cross below the zero line with both lines moving upward horizontally, indicating weak bullish momentum. The RSI's fast and slow lines are rising within the normal range and are about to enter the overbought zone. Conclusion: The market is consolidating sideways at low levels with a slight upward correction. If it does not break above the four-hour MA10, it will decline again.
Resistance: 3016 3133 3337
Support: 2897 2829 2623
Strategy: If it does not break above the four-hour middle band, consider shorting. Add to the short position at the four-hour middle band, with a stop loss at 3133.