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ETH: low order

2023-09-05
741
Fundamental analysis:

Ethereum maintains fluctuations around 1623. Bernstein issued a report stating that the industry will obtain the first Bitcoin spot ETF sometime between mid-October and mid-March. All spot ETF applications, including Grayscale, will be approved at the same time. . After the Bitcoin ETF is approved, the industry will immediately promote the Ethereum spot ETF because the market structure of Ethereum is similar to the traded CME futures market and spot market.

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



Brief technical analysis:

Looking at the 4-hour chart: the short-term weak consolidation is maintained at a low level, the overall bearish trend of the market continues, and there are signs of continued weak fluctuations in the short-term. The MACD indicator is in the short area and maintains consolidation, and the RSI indicator is in the short area and maintains shock;

Resistance: 1645 1662

Support level: 1606 1593

Trading strategy: bearish below 1629, target 1606 1593
Alternative strategy: call above 1629, target 1645 1662

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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