Reviewing the early morning market, Ethereum faced pressure at the 2086 line and made a strong downward move, reaching a low near 2018. However, the drop did not result in an effective breakdown. This morning, bulls made a strong comeback, pulling the price back above 2050, with a peak reaching the 2093 line. Currently, the price is fluctuating around 2073. From a technical structure perspective, this downward movement is a typical 'pin bar' behavior. The daily price level remains firmly above the 2000 mark and the MA60 moving average, and the long lower shadow indicates strong buying interest below. After a convergence of short-term moving averages, there are signs of a renewed upward divergence. The MACD fast and slow lines maintain a golden cross above the zero line, indicating that the bullish trend has not been damaged.
On the 4-hour chart, the decline in the early morning quickly halted at the 2018 line and rebounded, with two consecutive solid bullish candles recovering the lost ground. The price has risen back above the middle band of the Bollinger Bands and the MA30 moving average, which is a typical 'break low and rebound' structure, often a precursor to a bullish counterattack. On the hourly chart, the early morning surge broke through the short-term resistance around 2090. Although there has been some pullback, it has not broken the support level of the 2050-2060 area, and the volume structure remains healthy. The RSI has rebounded from the oversold area to the neutral strong zone, indicating that there is still room for a continuation of the rebound.
In terms of operation, it is recommended to mainly focus on low buy on pullbacks. One can pay attention to the 2060-2070 area for gradual accumulation of long positions, with a stop placed below 2040, targeting initially the 2090-2100 area, and if broken, further look to around 2120. For short positions, one should wait for the price to be significantly blocked in the strong resistance area of 2100-2120 and show signs of stagnation before considering it. Currently, it is not recommended to blindly short. $ETH
