ETH fell below the second long-term upward trend line and stopped falling near the first long-term upward trend line, opening a period of volatility.From the overall market view, the trend of ETH is similar to that of BTC, but there are some differences
ETH fell below the second long-term upward trend line and stopped falling near the first long-term upward trend line, opening a period of volatility.
From the overall market view, the trend of ETH is similar to that of BTC, but there are some differences.
BTC bottomed out at the end of November last year, but ETH bottomed out in June last year, with a five month difference in trend between the two.
However, the current trends of the two are similar, and there should still be differences in their future trends.
The current market trend has shown differentiation, and many currencies have not followed the trend of BTC.
The ETH weekly trend is currently also a downward trend, and the current market is a rebound after entering a downward trend. The probability of the rebound ending is still likely to continue to decline.
Based on the following:
1. On the week of August 14th, a large negative line broke the second long-term upward trend line, broke the neck line, broke the previous low, and the market entered a downward trend.
2. Afterwards, a fluctuation zone was formed, and the market began to fluctuate. However, within the entire fluctuation zone, the rebound was contractive, indicating that the bull rebound was relatively weak.
3. The market reached the vicinity of the first long-term upward trend line on August 14th, but did not fall below it. Subsequently, it began to decline inertia, indicating that the first long-term upward trend line has a supportive effect.
4. Last week, there was a bullish swallow near the support level, swallowing up the first five inertia falling K-lines in one fell swoop, indicating that bulls are starting to strengthen.
5. Although there was a stop down signal last week, there was no volume increase.
6. The upper edge of the oscillation zone has a pressure effect, and if there is no large-scale breakthrough, it will inevitably trigger a oscillation correction.
From the above analysis, a conclusion can be drawn:
ETH is currently in a tumultuous downward trend. Although there was a reversal signal last week, during the downward trend, the bullish indicators will be weakened,The market is likely to continue to fluctuate.
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