Hey, crypto friends, good evening. I'm Jun Ge. Let's take a look at how this mistress has been doing lately.
Look at this chart, Ethereum suddenly surged to around 3044 before, and then it has been hovering in this range without much movement. Now the moving averages, the seven-day moving average and the thirty-day moving average are quite close, indicating that neither the bulls nor the bears have gained a significant advantage, but the bulls are slightly stronger. Why? Because the price is still overall above the moving averages.
Now let's take a look at the trading volume, which hasn't changed much recently, neither high nor low. This indicates that many people in the market are taking a wait-and-see attitude, all waiting for some clear signal on whether it will rise or fall.
From a technical indicator perspective, the MACD is still showing red bars, but the red bars are getting shorter, which means the bulls may not be as strong in the short term. The KDJ indicator is also approaching the overbought area, indicating that there might be a downward correction in the short term.
I estimate that Ethereum may face some downward pressure in the short term and needs to test the support level. However, as long as it doesn't break the key support, the medium-term upward trend should continue. After all, the overall environment and Ethereum's fundamentals haven't changed much. If there are any good news, like significant progress in the Ethereum ecosystem or a more favorable macroeconomic environment for cryptocurrencies, it may surge again.
For you all who want to enter the market, I'll explain the situation:
For those who are risk-averse: you can wait until the price drops to the range of 3020 - 3025 before considering entering the market. This range has strong support, and if the price stabilizes here and shows a bullish candlestick pattern, like a small bullish candle or a doji, you can buy a little to try.
For those who are more daring: if you can withstand the risk, you can try a small position while the price is hovering around 3040. But be sure to set a stop-loss; if the price really breaks below 3020, you need to sell quickly to avoid losing too much.
For those who want to be more cautious: just wait a bit longer until the price drops to the lower support range of 3010 - 3015. If there are clear reversal signals, then enter the market. Although this might mean missing out on some short-term profits, it's safer.
Finally, I have to remind everyone that the cryptocurrency market can be very risky, and the market changes particularly quickly. Make sure to manage your risks well, and don't buy or sell blindly. Investing has risks, so be cautious when entering the market!
