ETH: High position long head moves up

Fundamental analysis:

Ethereum maintained the shock near 1631. L2BEAT data showed that as of November 6, the total locked positions on Ethereum Layer2 were 5.33 billion dollars. Among them, Arbitrum, the capacity expansion scheme, has the highest amount of locked positions, about 2.7 billion US dollars, accounting for 50.78%; The second is Optimism, with a locked position of 1.64 billion US dollars, accounting for 30.82%; The third is dYdX, with a locked position of 377 million US dollars, accounting for 7.07%.

Ethereum ETHUSD - 4-hour K line diagram shows:

Technical analysis:

The 4-hour chart shows that after the short-term high level shock and translation, the bulls are waiting for the opportunity to enter the market, and the shock and translation move upward. The market bullish mood starts to emerge, and the short-term trend continues to move upward. The MACD index is arranged on the upper side of the 0 axis, and the RSI index is slowly upward on the upper side of the 50 equilibrium line;

Empty turning point: 1621

Pressing: 1660, 1689

Support: 1591, 1561

Trading strategy: bullish above 1621, target 1660, 1689

Alternative strategy: 1621 lower bearish, target 1591, 1561