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【Price Trend Analysis】
1. Candlestick Patterns:
- The 4-hour chart shows the latest candlestick as a large bearish candle, closing near the lowest point and breaking below recent lows, accompanied by increased volume, indicating strong selling pressure. Previously, multiple candles formed a downward trend with decreasing highs.
- The daily chart shows a series of recent bearish candles; although there was a rebound on June 7th, the long upper shadow indicates strong resistance above, preventing effective breakout. On June 9th, a solid bearish candle closed below the previous day's low.
- The 1-month chart indicates ETH/USDT is in a long-term downtrend, with June's candles continuing the decline seen in May, forming consecutive monthly bearish candles.
2. Technical Indicators:
- MACD (4-hour): DIF line (-11.43) has crossed below DEA line (-21.72) below the zero axis, and both are below zero, showing the market is in a strong bearish trend. The MACD histogram (20.57) is positive but decreasing, indicating bullish momentum is waning and bearish forces dominate.
- RSI (4-hour): RSI value is 42.48, below 50, indicating a weak market. RSI continues to decline, approaching oversold territory but not yet entering it.
- EMA (4-hour): Price at 1644.42 is well below EMA7 (1667.20), EMA30 (1684.41), and EMA120 (1888.02). The short-term EMA7 has crossed below the mid-term EMA30, and all moving averages are arranged in a bearish alignment, indicating all cycle averages point downward, confirming a very clear bearish trend.
3. Volume:
- The 4-hour chart shows the latest large bearish candle with increased volume, indicating strong downward momentum and active selling. Previous candles also had relatively high volume but failed to halt the decline effectively.
- The daily chart shows that during the recent decline, volume remained high, especially on June 5th, with a massive bearish candle, suggesting panic selling or main force distribution. The rebound on June 7th was also accompanied by high volume but did not change the overall downward trend.
- Overall, volume increases during the downtrend, validating the trend's effectiveness. $BTC $ETH