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ETH: high retracement

2022-12-15
1107
Fundamental analysis:
Ethereum remained oscillating around 1305, and Gnosis, the side chain of Ethereum, announced that at block height 6,306,357, the Gnosis execution layer network and consensus layer network were successfully merged. Gnosis Merge replaces the Proof of Authority (PoA) consensus secured by 20 validators with a more resilient 100,000 validators supporting the new PoS network.

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



Brief technical analysis:
4-hour chart: Bullish momentum maintains high volatility and rises, short-term retracement trend, market bearish momentum has signs of waiting for an opportunity to enter the market, but it is still in an upward trend, MACD indicator is hovering at a high level in the bullish area, and RSI indicator is in weak order on the side of the 50 balance line ;
Long-short turning point: 1297
Repression: 1319, 1331
Support: 1284, 1272
Trading strategy: Bullish above 1297, target 1319, 1331
Alternative strategy: bearish below 1297, target 1284, 1272

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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