6.22 ETH Analysis

The hourly Bollinger Bands show that the price previously bottomed out deeply, forming an oversold divergence outside the band, which triggered a technical rebound. During the rally, the price broke away from the upper Bollinger Band, creating a bearish divergence structure. After the bullish buying pressure was largely exhausted, the market faced downward pressure and retreated.

Currently, the price is oscillating narrowly around the middle Bollinger Band, which acts as a short-term support and resistance line. The battle between bulls and bears is becoming more balanced. The stochastic indicator has turned downward from the overbought zone and is converging, indicating no clear trend signal as it remains glued in the equilibrium zone. There is selling pressure from trapped longs above the upper band, and if the middle support line is broken, it could open space for further decline. At this stage, the market is in a consolidation phase after a rebound; trend trading should wait for a confirmed breakout of the track range to determine the direction.

Trading suggestion: 1760-1790 range, target 1700-1600. $GT $ETH