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ETH: Shocking retracement

Fundamental analysis:

Ethereum maintains a shock around 1593. The metaverse project Gamium has risen by more than 600% in the past 24 hours, and the current increase has fallen below 400%. Community analysis may be due to the project’s participation in the joint launch of metaverse activation by the social giant Meta and the Spanish telecommunications company Telefónica plan related.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term range fluctuates, the market as a whole is in a weak position, the bearish sentiment begins to emerge slowly, the MACD indicator is hovering below the 0 axis, and the RSI indicator is finishing below the 50 equilibrium line;

Long-short turning point: 1601

Repression: 1618, 1634
Support: 1578, 1563

Trading strategy: bearish below 1601, target 1578, 1563
Alternative strategy: call above 1601, target 1618, 1634

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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