3.17 Early Morning Bitcoin Ethereum Market Analysis and Operation Recommendations

From the current market perspective, the daily level continues with bullish momentum, and the coin price has rebounded to near the upper Bollinger Band. Although the overall trend remains relatively strong, resistance above is gradually appearing. Key resistance is still located in the upper channel area. If a second breakthrough cannot be formed, the upside space in the short term may be limited, and the market may enter a cyclical adjustment phase. From the technical indicator perspective, MACD, RSI and other multiple technical indicators are currently in a state of high-level blunting, showing that upward momentum has weakened. If the price subsequently declines and breaks through key support areas, it may trigger a death cross resonance in the indicators, at which point the market may usher in a deeper pullback trend.

Regarding the 4-hour chart, although there was a rebound intraday, the highs failed to hold effectively. After multiple touches of resistance, they all ended with long upper wicks, indicating that selling pressure from above remains heavy. Currently, the coin price has not effectively recovered and stabilized within the previous uptrend channel. In the short term, it is likely to undergo a new round of consolidation around the current range. The midline support is still an important defensive position to watch in the short term. As long as this level does not break, structurally, the bulls still have the possibility of a retracement. However, it is worth noting that the 4-hour level indicators are already showing signs of a death cross at high levels, and short-term adjustment pressure is accumulating. The current position is no longer suitable for blindly chasing gains. It is recommended to wait for the market to pull back to key support areas and release some bearish sentiment before considering a low long position. In the short term, you can try to participate in short positions with light positions near resistance levels. For Bitcoin, short positions in the 74400-74900 range can be considered, with targets at 72400-72900$BTC