Ether market analysis

We expect Ethereum to move down and then rebound. If such a situation arises, we can consider it bullish. However, the rally of Ether did not reach the middle of the box and began to fall, unlike Bitcoin, which directly rebounded to the middle of the box before starting to decline. Therefore, if you trade a 2B rally order for Ether, this rally may result in a loss.

However, if you look at the medium- to long-term timeframe, Ethereum’s price structure is relatively simple and straightforward. A move from the bottom to the top can be seen with the current 0.618 support sitting around 3295 points. As for last night’s deep dip, it actually did not fall below 3400 points. I also mentioned in yesterday’s episode that 3400 points is a key point to consider for a rebound operation. The order did not perform well this time. However, if the support level of 0.618 can be maintained, I still expect a rally in Ether. The main reason is that if you pull the 0.618 line, you will find that there are exactly two flat tops above, and Ether was close to getting airdrop liquidity when it approached the top, but eventually started to fall without it. Therefore, I am inclined to believe that if there is a strong rebound from the decline exactly around 3300 points, then the main bullish point is the target point above 3700 points. This analysis also applies to the market dynamics of Bitcoin.