5.11 Monday midday market analysis


It is rare to see a pull-up on Sunday, as Ethereum directly cleared the short positions around 2380 early in the morning. This move was entirely to clear liquidity above and was driven by the desire to liquidate. Currently, the price has returned to support around 2320. If the four-hour level breaks below the middle band support, this retracement could accelerate again. From the four-hour perspective, the 2380 level above is clearly resistant, while the 2310 level below is a solid support. The MACD indicator's bullish momentum is above the zero line, and the overall rebound trend has not been broken.
ETH trading suggestions: go long around 2310, add positions at 2270, stop loss at 2240, take profit at 2340-2370.
For short positions: short near 2350, add at 2400, stop loss at 2430.
ETH1.02%
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