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ETH: Low position narrow amplitude oscillation

Fundamental analysis:

Ethereum maintained the shock near 1318, and NFT may be the biggest driving force for the adoption of cryptocurrency in Central Asia, South Asia and Oceania (CSAO). According to the report of Chainalysis, NFT related actions will account for 58% of all network traffic of cryptocurrency services in these regions in the second quarter of 2022.

Ethereum ETHUSD - 4-hour K line diagram shows:

Technical analysis:

The 4-hour chart shows that low short positions fluctuate for a short time, and the market shows signs of slow upward movement, but the overall market is still in a weak position. MACD indicators remain hovering in short positions, and RSI indicators are arranged below the 50 equilibrium line;

Empty turning point: 1309

Pressing position: 1355, 1385

Support position: 1275, 1244

Trading strategy: bullish above 1309, target 1355, 1385

Alternative strategy: 1309 lower bearish, target 1275, 1244

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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