3.17 Early Morning Bitcoin Ethereum Market Analysis and Trading Suggestions

From the current market perspective, the daily level continues to show bullish momentum with prices recovering near the upper Bollinger Band. Although the overall trend remains relatively strong, resistance pressure from above is gradually appearing. Key resistance remains at the upper channel of the uptrend. If a second breakout cannot be formed, short-term upside space may be limited, and the market could enter a cyclical adjustment rhythm. From a technical indicator perspective, MACD, RSI and other indicators are currently in an overbought state, showing that upward momentum has weakened. If prices subsequently decline and break below key support zones, it could trigger a bearish crossover in indicators, potentially initiating a deeper correction.

On the 4-hour chart, although there has been a rebound during the day, the highs have failed to establish effectively, with multiple touches of resistance ending in long upper shadows, indicating that selling pressure from above remains heavy. Currently, prices have not effectively recovered and stabilized above the previous uptrend channel. Short-term trading will likely consolidate around the current range in preparation for fresh moves. The mid-band support remains an important defense level to watch in the short term. As long as this level holds, the structure still allows for potential upside moves. However, it's worth noting that the 4-hour indicator shows signs of a bearish crossover at high levels, with short-term adjustment pressure building. The current position is no longer suitable for chasing rallies blindly. It is recommended to wait for the market to pull back to key support zones and release some bearish sentiment before considering long positions. In the short term, you can try light short positions near resistance levels. For Bitcoin, you can short in the 74400-74900 range with targets at 72400-72900$BTC