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📣Detailed Analysis of Ethereum Trends on April 16th and Steady Trading Recommendations:
Yesterday, Ethereum long positions closed with profit again, and the gains were quite good. From the 24-hour chart, after a large bullish candle with increased volume (closing at 2373.7) appeared at 00:00 on April 16th, the price failed to continue its upward momentum, followed by several bearish candles, forming a short-term pullback trend. The most recent 4-hour candlestick (20:00 on April 16th) is a small bullish candle, but with very low volume, indicating that both bulls and bears are weak, and the market is in a wait-and-see or consolidation phase.
Technical Indicators:
MACD: On the 4-hour chart, the DIF line has crossed below the DEA line, forming a death cross. The MACD histogram is negative and continues to expand, showing short-term momentum weakening and entering a correction phase.
RSI: The 4-hour RSI has fallen from a high of 65.7 to 57.1, remaining in a neutral zone but trending downward, indicating weakening buying strength and potential for further price correction.
EMA: On the 4-hour chart, the price has broken below EMA7 (2341.4), which now acts as short-term resistance. Although EMA7 is still above EMA30 and EMA120, maintaining a long-term bullish alignment, the short-term correction trend is clear.
Volume:
On the 4-hour chart, the rise at 00:00 on April 16th was accompanied by high volume, but during the subsequent pullback, the decline at 16:00 on April 16th also involved significant volume, indicating selling pressure. The latest 4-hour candlestick (20:00 on April 16th) shows extremely low volume, suggesting current price movements lack momentum and market sentiment is cautious.
Ethereum Trading Recommendations:
Short position idea: Suggest shorting Ethereum at 2340-2350, target levels: 2320-2280, profit space is self-controlled, stop-loss at 2400!
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