🎈ETH/BTC dropped to a low of 0.033 and is now around 0.034. 🎈The lowest ETH price is on the daily level EMA120, which corresponds to a price of $3144 for a rebound. Currently, EMA60 is hovering around $3365. Based on indicators such as liquidation volume and market sentiment, combined with the recent deleveraging of the US stock market, I believe that the probable bottom range of the decline has been confirmed. In the future, the focus will be on the daily closing situation of Ethereum. If the daily closing price can be above EMA60, and ETH/BTC can close above 0.036, then the alternative cryptocurrency market can be said to be taking off✈️
Confirm the end of the decline, and then look at the rebound situation. If the rebound can stand above the daily 20 moving average again, it is a good sign, and there is a high probability of ETH catching up later. You can observe and wait near the 20 moving average during the rebound, and then chase the main uptrend after confirming its stability.
PS: Attached is a K-line chart of ETH's rise from January 2024 to March 2021. Although it dropped from 2717 to 2168 in the last two weeks of December, it started a strong rally after hitting bottom at 2168 on January 24. It rose to 4093, a gain of 89%. Recharge your faith and don't lose confidence in ETH.
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Update the current situation:
🎈ETH/BTC dropped to a low of 0.033 and is now around 0.034.
🎈The lowest ETH price is on the daily level EMA120, which corresponds to a price of $3144 for a rebound. Currently, EMA60 is hovering around $3365.
Based on indicators such as liquidation volume and market sentiment, combined with the recent deleveraging of the US stock market, I believe that the probable bottom range of the decline has been confirmed. In the future, the focus will be on the daily closing situation of Ethereum. If the daily closing price can be above EMA60, and ETH/BTC can close above 0.036, then the alternative cryptocurrency market can be said to be taking off✈️
Confirm the end of the decline, and then look at the rebound situation. If the rebound can stand above the daily 20 moving average again, it is a good sign, and there is a high probability of ETH catching up later. You can observe and wait near the 20 moving average during the rebound, and then chase the main uptrend after confirming its stability.
PS: Attached is a K-line chart of ETH's rise from January 2024 to March 2021. Although it dropped from 2717 to 2168 in the last two weeks of December, it started a strong rally after hitting bottom at 2168 on January 24. It rose to 4093, a gain of 89%. Recharge your faith and don't lose confidence in ETH.