Ethereum spiked high and then fell back, with the short-term moving into a consolidation and correction phase



On the four-hour chart, that longest green candlestick is very eye-catching. The price peaked at 2422, but was immediately pushed down by the bears, closing with a candlestick that has a long upper wick. This shows that selling pressure in the 2420-2430 range is very heavy, and the bulls are encountering a strong blockade here.

After Ethereum challenged the 2422 high, it is currently in a short-term pullback and correction stage. Although the larger trend is still bullish, the short term needs to adjust and build up energy.

Go long directly around 2320. First look for 2430 as the target; if it breaks through, look toward 2500.
$BTC $ETH
BTC-0.38%
ETH-1.92%
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