Hello brothers, good afternoon. After the Federal Reserve meeting last night, the cryptocurrency market has also seen a decline. I mentioned in a previous post that under the circumstances of rising oil prices, the crypto market cannot maintain a consistent upward trend.
Next, let's analyze the market: Ethereum has formed a double top pattern on the daily chart, experiencing a pullback and breaking below the 4-hour middle band. The K-line has pierced through the MA30 and the key support level of 2200, and is now approaching the MA60, MA300, and the lower band in the short term. The Bollinger Bands on the 4-hour level are closing, and the K-line has broken below the middle band. In terms of indicators, the daily KDJ and RSI have turned down from high positions. The KDJ's three lines are crossing close to 6, indicating that the bearish momentum may only be halfway through; the RSI's three lines are about to converge near 48, showing clear bearish momentum. However, the MACD is contracting above the 0 axis, with the fast and slow lines closing in, indicating that the bullish momentum has not completely disappeared; it's just that the indicators have a pullback signal, and long-term low buys or spot layouts can be patiently awaited.
In terms of trading strategy, it is recommended to short lightly above 2250, with a stop loss above 2290, targeting 2180 and 2110. If it breaks, watch for 2100, and short positions can be held until near 2030; below 2030, one can go long, with a stop loss below 1960, targeting 2100, 2180, and 2250, and if it breaks, watch for 2295 and continue to hold. Finally, I remind everyone to pay attention to more news. If you don’t understand, you can check the introduction. #美联储3月议息会议 $ETH #SEC澄清加密资产分类
