Ether market analysis

2024-02-01 08:58:44

Ether may be tricky if it rises in the case of insufficient liquidity of long positions. According to my opinion, from a Spot perspective, the current position is not enough to trigger a long stop loss, and from a contract perspective, a flat bottom with a triple bottom is formed. Therefore, I am inclined to believe that the subsequent Ether market may reach a liquidity of around 2171.

From a technical analysis point of view, if Ether falls at the daily level, retraces to around the 0.618 level, and then falls again, it may reach the price level around 2080. This decline may be a strong trend, but it is important to note that the previous chase led to a pullback from the high, which may return to around 2168.

In smaller timeframes, Ether falls below the area line and may target a move down to 2168 if it fails to make a new high and a engulfing pattern appears at a certain location. Different exchanges have differences, such as CON base’s Spot trading pair 2170, Futures Trading pair around 2166.

When analyzing, pay attention to the Fluctuation of Ether, about 5U, and the Fluctuation of Bitcoin, at least about 50-80U. In addition, observing whether Ether can break through the zone line and create new highs, as well as form an engulfing pattern, may affect the setting of the target point.

Finally, the analysis of U.S. stocks shows that in the overall market, we should be wary of the depth backtesting of U.S. stocks. A backtest below 17,000 could be an opportunity to be bullish on U.S. stocks in the medium to long term. Also, watching to see if the Nasdaq has a bottoming rebound signal at the 17,000 level could affect the bullish target point.

In terms of CON base stock, it is necessary to pay attention to whether there is a Market Maker above it, which is currently in the middle axis of the consolidation zone. If this level is broken, it could trigger Bitcoin’s Depth backtest, as CON base’s downside target is around 17.85, which equates to a 7% to 8% decline. A 7% to 8% drop in Bitcoin could cause the price to fall below $450,000, which is something to watch out for.

ETH0.49%

BTC0.27%

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