ETH early morning strong rebound, can the 4H downward trend be reversed?

In the early morning, the current quote of ETH/USDT is 2146.16 USDT, with a 24-hour increase of 4.21%, an increase of 86.67 USDT. The overnight market has strongly surged from the low point of 2023.04, reaching a maximum of 2198.57, with a transaction volume of up to 1.296 billion USDT, indicating an increase in capital activity. The latest 4H candlestick opened at 2152.03, with a high of 2156.22, a low of 2130.1, and a closing price of 2146.16, forming a green bullish candle, with clear signs of a short-term upward rebound.

From a technical perspective, the recent candlestick is green, and the price remains above the moving average, with the moving averages interweaving green and red, and the cloud layer also showing a green and red distribution, indicating overall bullish strength. The chart signals are clearly marked, including multiple 'bullish OB' and 'bearish OB' triangle hints, suggesting that key order block areas are accumulating momentum. The recent volume bars are red with expanding volume, accompanied by rising prices, indicating an increase in buying pressure. The lower indicator panel shows active indicators such as ATR, WT, and DSI, with a recent volatility range of 60.97 points, and market sentiment is cautiously optimistic. The information panel marks 'Premium', 'Equilibrium', and 'Discount', with the current price level located near the premium area, which requires caution against retracement risks.

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In terms of key price levels, short-term support focuses on the low point of 2130.1 and the horizontal line near bullish OB, while further declines could retest the low of 2023.04. The resistance level is set at the high of 2198.57, and if broken, it will look towards the 2200 mark, but the overall trend at the 4H level remains downward, so false breakouts must be guarded against. Support and resistance lines are densely distributed in the bullish/bearish OB area, providing trading references.

In terms of operational thinking, the early morning rebound can be followed for short-term long positions, with a stop loss set below 2130, targeting around 2198. However, considering that the 4H downward channel has not been broken, risk management is prioritized, trial trading with light positions is advised to avoid chasing highs. After overnight bullish repairs, if the volume continues to expand or breaks the high, then increasing long positions can be considered; on the contrary, if it returns to the equilibrium area, then reduce positions and observe. Actual trading emphasizes discipline, prioritizing capital preservation amidst volatility.

This article only represents personal views and does not constitute any investment advice. DYOR.