📣 Tonight, the ADP Non-Farm Employment Change data will be released! How should we position ourselves in Ethereum ahead of time? ✅

Since the Non-Farm Payrolls report has been temporarily paused, the ADP data has become the market’s key short-term indicator. If the data comes in below the expected 28,000, market expectations for a Fed rate cut in December will intensify, potentially boosting cryptocurrency prices.

However, it’s important to note that there are still disagreements within the Federal Reserve regarding policy direction, and inflation issues have not been fully resolved. Relying solely on a rate cut is risky. In the short term, the market is likely to remain volatile and consolidating, with more attention needed on the US stock market opening.

【Ethereum Four-Hour Price Trend Analysis】

Candlestick Pattern:

The daily chart shows recent prices declining from a high of 3,906 to 3,304, forming a series of downward candles. On November 4th, a long lower shadow appeared, indicating strong buying support around the 3,166 level. On the four-hour chart, after a sharp drop, prices rebounded but failed to break above the previous high near 3,350, currently in a consolidation phase.

Technical Indicators:

MACD: The four-hour MACD histogram remains negative, with DIF and DEA both trending downward, indicating bearish dominance. However, the histogram is shortening, suggesting a potential weakening of the downtrend.

RSI: The four-hour RSI is at 28.55, approaching oversold territory, indicating a possible technical rebound, but overall still weak.

EMA: The current price is below EMA7, EMA30, and EMA120, showing a bearish alignment. EMA7 is acting as resistance; watch for its pressure.

Volume:

On November 4th, daily volume spiked to over 1.56 million, reflecting intense market sentiment and increased buying and selling activity. On November 5th at 08:00, four-hour volume significantly decreased, indicating traders are currently cautious and waiting for clearer direction.

Ethereum and Bitcoin Trading Ideas for the Evening of November 5th:

Ethereum: Consider long positions around 3,280–3,300, targeting 3,340–3,380. If it breaks above 3,400, hold the longs!

Bitcoin: Consider long positions around 101,400–101,600, targeting 102,400–102,800–103,400!

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