ETH

The market in the morning moved within a narrow range with very little volatility, making it difficult for the trend to develop. It is still advisable to short at higher levels. In such low-volatility conditions, it’s best to avoid trading as it can be painful and easy to get trapped.
Bollinger Bands 1-hour analysis
The Bollinger Bands are contracting with parallel upper and lower bands. The candlesticks are touching the middle band downward, which forms a short-term support line.
MA 1-hour analysis
The MA5 and MA10 are crossing in a complex manner with no clear direction. MA5 and MA10 are stabilizing above MA30, with the candlesticks positioned above MA30, while MA5 and MA10 are below.
MACD 1-hour analysis
The fast and slow lines are near the zero axis. The bullish momentum is gradually weakening, and the fast and slow lines are showing signs of turning downward, forming a death cross trend.
RSI 1-hour analysis
The two lines are forming a death cross, retreating from the overbought zone back into the normal range. Subsequently, a death cross forms again, indicating a downward move. The fast line is about to enter the oversold stage.
Comprehensive analysis
The upward breakout above 2960 failed, leading to a decline. The market is consolidating at a low level, and the upward rebound strength is weak. The likely scenario is sideways movement at low levels. Last night, the market tested 2900 but did not break below, then rebounded. However, the rebound was weak, and MACD and RSI indicators suggest the market will continue to decline.
Resistance: 2960
Support: 2900
Strategy: Go short at high levels, establish a head short position around 2950, and add positions on further rise to 2980 with a 1:1/2/3 ratio. Set stop loss at 3000. If the price drops near 2900, wait and see if there is a rebound. If the price does not effectively break below 2900, take profit at 2900; if it breaks below 2900 effectively, take profit at 2800.