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ETH: Shock down

2023-02-09
1039
Fundamental analysis:

Ethereum remained oscillating around 1643. Baidu CEO Li Yanhong stated in the OKR content in the first quarter of 2023 that its key task is to "lead the intergenerational change of the search experience." Yesterday, Baidu officially announced the ChatGPT project “Wen Xin Yi Yan” (ERNIE Bot). This product is currently in the sprint before going online. It will complete its internal testing in March and open to the public.

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



Brief technical analysis:

Looking at the 4-hour chart: the high-level short-term dynamics remain oscillating and moving down, the short-term decline may continue, the overall short-term bearish sentiment in the market remains, the MACD indicator is weakly finishing on the upper side of the 0 axis, and the RSI indicator is weakly hovering near the 50 balance line;

Long-short turning point: 1649

Repression: 1660, 1672
Support: 1632, 1620

Trading strategy: bearish below 1649, target 1632, 1620
Alternative strategy: call above 1649, target 1660, 1672

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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