ETH

The morning market experienced a wave of unilateral upward movement, with bullish momentum showing strong performance. Currently, it is in a high-level sideways consolidation phase.
Bollinger Bands 1-hour analysis
The Bollinger Bands are widening upward, with the 10 o'clock candlestick directly breaking through the middle band and piercing the upper band, followed by a small retracement. It is still moving upward along the upper band.
MA 1-hour analysis
MA5, MA10, and MA30 are arranged from top to bottom, with the gap widening, indicating a trend of continuous upward movement.
MACD 1-hour analysis
The fast and slow lines are above the zero axis, opening upward, with both lines rising. Bullish momentum is gradually increasing, and the price continues to rise 📈.
RSI 1-hour analysis
The fast and slow lines are in the overbought zone, and a crossover is about to form a death cross, returning to a normal phase. The market may experience a downward correction in the subsequent period.
Comprehensive analysis
The upward breakout above 3000 failed, leading to a retracement and sideways consolidation at high levels. Bullish strength is relatively strong, and the market is still rising 📈. However, the RSI indicator shows it has entered the overbought zone, and the fast and slow lines are about to cross. A downward correction may follow, and it is advisable to go long after the correction.
Resistance: 3000
Support: 2950
Strategy: Buy on dip. Establish a small long position near 2950, and if the price continues to fall to 2920, add positions at 1:1/2/3 ratio. Stop loss if it effectively breaks below 2900. First take profit at 3000 to see if there is a valid breakout. If it breaks through successfully, continue to rise and target 3030. If it continues upward, aim for 3080.