$ETH 4.23 Afternoon Session ETH Hidden Danger! Bullish momentum waning, is it a pullback or another surge?
ETH current price 2351, seems to be rebounding strongly along with BTC, but in reality, the northbound momentum is already at its end! Many are shouting that a breakthrough of 2500 is imminent, but the technical signals have long indicated a pullback! From the 2-hour chart, ETH still maintains an upward channel overall, with the price consistently staying above all EMA lines, and the moving averages arranged upward providing multiple levels of support. The medium-term rebound trend has not fundamentally changed. However, the MACD indicator shows the red bars continuously shortening, DIF and DEA are tightly aligned at high levels, indicating that the northbound momentum is clearly weakening, and the risk of divergence is building up. The upper Bollinger Band is flattening, and the price repeatedly tests along the band, suggesting increasing selling pressure above. The probability of a short-term pullback to the midline at 2320 has significantly increased, and the risk of chasing high is very high.
The 30-minute signal shows that the short-term northbound rhythm has been disrupted. After the price broke below the EMA15 line, the short-term support turned into resistance, with the EMA30 line becoming the key defense level for the current price. The MACD indicator has formed a death cross, with green bars expanding, indicating that the downward momentum is taking over, and the pullback signal is clear. The Bollinger Bands have shifted from expansion to contraction; after the price broke below the middle band, it entered a weak zone. The oscillation range has narrowed to 2330-2370, with a clear sign of consolidation after bullish divergence, making short-term downward operation more favorable.
Latest North-South reference:
Above 2365-2375, shorting with stop loss at 2392, target 2335-2315
Below 2315-2330, going long with stop loss at 2298, target 2360-2390
Currently, ETH is a typical example of following the rally but not resisting the fall. When it rises, it chases the trend; when it falls, it drops faster than anyone else. Sideways movement at high levels is consuming northbound momentum. Chasing longs now could easily get caught at the top as a bagholder. Regardless of bullish or bearish, stop-losses are essential. Don’t hold positions blindly. Once BTC pulls back, ETH won’t be able to withstand it! #比特币反弹