$ETH May 6 Ethereum Market Analysis

Short-term trend: Ethereum price has recently been fluctuating between 2360-2398, with a high rally that failed to break through continuously, showing multiple upward pushes followed by pullbacks.
Support and resistance: Support level: around 2357-2360. If the price pulls back and stabilizes, it can be seen as effective short-term support.
Resistance level: around 2398-2400. If the price breaks above the resistance, it is expected to continue rising toward the 2410-2420 range.
Market characteristics: The upward momentum is gradually weakening, with frequent pullbacks from high levels, indicating short-term selling pressure.
The price has repeatedly oscillated near the moving averages, and the market is in a wait-and-see state, with clear bullish and bearish disagreements.
Trading suggestions:
Low-position long strategy: If the price pulls back to 2360-2363 and stabilizes, consider a light long position, with a stop loss set at 2355, targeting 2385-2398.
High-position short strategy: If the price hits resistance at 2398-2400 and pulls back, consider a short position with a small size, stop loss at 2405, targeting 2375-2365.
Trading principles: Follow the trend, control position size, and wait-and-see during short-term oscillations.
Avoid frequent chasing of highs or bottoms, strictly set stop losses and take profits.
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