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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 and heavy selling pressure. Several previous 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 7, the long upper shadow indicates strong resistance above, preventing effective breakout. June 9 shows a solid bearish candle, breaking 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 from 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, indicating a strong bearish trend. The MACD histogram (20.57) is positive but decreasing, suggesting bullish momentum is waning and bearish dominance is prevailing.
- RSI (4-hour): RSI is at 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 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 5 with a massive bearish candle, indicating panic selling or main force distribution. The rebound on June 7 also involved high volume but did not change the overall downward trend.
- Overall, volume increased during the downtrend, validating the trend's effectiveness. $BTC $ETH