The market fluctuations over the past few days have been erratic, leading to some insights:
1. Price and Overall Trend
• Latest Price: $1,937.33, 24-hour decline -4.16%, indicating a significant short-term downtrend.
• 24-hour Range: High $2,046.66, Low $1,901.33, with considerable volatility.
• Trend Analysis: From the 15-minute candlestick chart, the price has dropped from the previous high of $2,131.52 and is currently in a short-term downtrend, recently touching near the recent low of $1,901.33, showing minor signs of a rebound.
2. Key Technical Indicator Interpretation
Support and Resistance
• Resistance Level: $2,013.33 (recent rebound high, also near the upper Bollinger Band pressure)
• Support Level: $1,925.33 (the key support below the current price, also near the lower Bollinger Band)
• Bollinger Bands (BOLL):
◦ Middle Band: $1,950.98
◦ Upper Band: $1,988.27
◦ Lower Band: $1,913.70
◦ The current price is operating below the middle band and above the lower band, indicating a weak short-term fluctuation, but has not completely broken below the lower band support.
Relative Strength Index (RSI)
• RSI6: 44.08
• RSI12: 44.68
• RSI24: 44.16
• All RSI indicators are below 50 but have not entered the oversold zone (<30), indicating that bearish strength still dominates, but there is some room for a short-term rebound.
Trading Volume
• 24-hour Volume: 5.0958 million ETH
• 24-hour Amount: $9.872 billion
• In the 15-minute chart, there was a noticeable increase in trading volume during the decline, indicating heavy selling pressure; during the rebound, the trading volume was relatively moderate, and the strength of the rebound remains to be observed.
3. Short-term Trend Projection
1. Rebound Pressure: If the price rebounds, it will first encounter the dual pressure of the Bollinger Band middle band at $1,950.98 and the resistance level at $2,013.33.
2. Support Validity: If it dips again, $1,925.33 and $1,913.70 are key support levels; if effectively broken, it may further drop to $1,901.33 or even lower.
3. Bull-Bear Game: The current RSI is not oversold, indicating that bearish positions have not been fully released; it is likely to fluctuate and consolidate near the support level in the short term, awaiting new market news or capital direction.
