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ETH: Bears tumble

Fundamental analysis:

Ethereum remained volatile around 1634. Bloomberg reported that official representatives of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region are frequent visitors to cryptocurrency gatherings in Hong Kong. follow up. Bloomberg said that the mainland government may support the consultation process for the legalization of retail encrypted transactions in the region.

Ethereum ETHUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the high short-term momentum has fallen sharply, the short-term decline has not stopped, the market bearish sentiment has emerged, the MACD indicator is in the bullish area and continues to move down, and the RSI indicator is hovering weakly near the 50 balance line;

Long-short turning point: 1642

Repression: 1659, 1674
Support: 1615, 1598

Trading strategy: bearish below 1642, target 1615, 1598
Alternative strategy: call above 1642, target 1659, 1674

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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