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Ethereum pulls back to support, and the bullish structure remains unchanged!
Yesterday, Ethereum continuously formed several bearish candles intraday. The lowest retracement fell to around 2260, after which buying support kicked in at the low, completing the pullback confirmation to the earlier breakout platform.
From the four-hour chart, this pullback is a typical “pullback after a breakout.” Although the price has dropped below the short-term moving averages, the MACD indicator has formed a dead cross above the zero line, and the green histogram has started to shrink. At the same time, the downside momentum is clearly weakening, indicating that the bears’ selling pressure has already run out. Currently, the price is right at a key support area, and below there is a clear upward trendline acting as a floor. As long as this level holds and is not broken, the overall upward channel remains intact. This pullback is the best accumulation phase for the bulls.
Go long directly around 2300. First target: 2380. If it breaks out, look toward 2470.
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