Yesterday, the price of Ethereum surged by about 8%, showing strong upward momentum. However, it is noteworthy that ETH is still confined within a short-term downward channel. Market participants are closely following the key resistance level of $2450. If ETH can break through this level and stabilize above $2480, it may break the recent downtrend and pave the way for a stronger upward trend.
From the 4-hour chart, ETH is currently at a high point of a rebound, while also facing a double top pattern that has formed over the past three days. This means there may be significant selling pressure above the current price level.
For today's trading strategy, investors should focus on the resistance in the range of $2430-$2460. Within this range, a cautious short-selling strategy may be considered. On the other hand, if the price retreats to the support range of $2330-$2300, there may be opportunities for low-price buying.
However, investors should keep in mind that the cryptocurrency market is highly volatile and carries significant risks. Before making any investment decisions, it is essential to conduct thorough research and risk assessment. Additionally, market sentiment and macroeconomic factors may also have a significant impact on the price movement of ETH, so it is necessary to continuously follow market dynamics and adjust investment strategies in a timely manner.
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Yesterday, the price of Ethereum surged by about 8%, showing strong upward momentum. However, it is noteworthy that ETH is still confined within a short-term downward channel. Market participants are closely following the key resistance level of $2450. If ETH can break through this level and stabilize above $2480, it may break the recent downtrend and pave the way for a stronger upward trend.
From the 4-hour chart, ETH is currently at a high point of a rebound, while also facing a double top pattern that has formed over the past three days. This means there may be significant selling pressure above the current price level.
For today's trading strategy, investors should focus on the resistance in the range of $2430-$2460. Within this range, a cautious short-selling strategy may be considered. On the other hand, if the price retreats to the support range of $2330-$2300, there may be opportunities for low-price buying.
However, investors should keep in mind that the cryptocurrency market is highly volatile and carries significant risks. Before making any investment decisions, it is essential to conduct thorough research and risk assessment. Additionally, market sentiment and macroeconomic factors may also have a significant impact on the price movement of ETH, so it is necessary to continuously follow market dynamics and adjust investment strategies in a timely manner.