Ethereum evening market analysis: shocks and grinding, waiting for a breakthrough in the direction

Amid the ups and downs of the cryptocurrency market, Ethereum's recent performance has been really disappointing, and it is no wonder that its capricious trend has been ridiculed as a "second waste". The current market is in a state of extreme stalemate, the price fluctuates up and down frequently, and the direction of long and short is extremely unclear, which is undoubtedly a double test of psychology and capital for investors. It is easy to be stopped when opening long, and it is difficult to make a profit when opening short, and frequent stop loss not only loses funds, but also easily disturbs the investment mentality. In the face of this dilemma, the best strategy may be to stay on the sidelines and wait patiently for the trend to become clear before entering the market.
From a technical analysis point of view, Ethereum's 4-hour level trend is worth paying attention to. The fact that the lower shadow formed by the price swing at 12 a.m. touches exactly 50% of the Fibonacci retracement line is quite significant. Normally, the Fibonacci 50% retracement level is an important reference point for judging price support and rebound, and Ethereum's pullback to this point theoretically has the possibility of gaining support and rebounding. However, the market performance has not been satisfactory, which makes one wonder: why is it still difficult for Ethereum to perform after a pullback to a key support level? The root cause of this lies in its own weak trend, lack of sufficient upward momentum, and it is difficult to break through the current predicament, and it is no wonder that investors complain about it.
In terms of trading strategy, it is necessary to pay close attention to the breakout of key points. If the volume of Ethereum exceeds 1596, it can be regarded as a signal of the strengthening of the bulls, which is suitable for chasing the bulls on the right side; If the price falls below 1589, it indicates that the bears have the upper hand, you can try to chase the short on the right side, be sure to closely observe the volume changes during the operation, and strictly set the stop loss.
At the hourly level, if Ethereum can effectively hold at 1603, the upper target can be seen at 1630-1663, but given its recent weak performance, the upside should not be too optimistic. At the 4-hour level, 1580 is the key support level, and if it breaks, price may continue to test the 1550-1520 area. In addition, the release of unemployment benefits data at 8:30 p.m. tonight is highly likely to trigger short-term volatility in the market. Investors are reminded that they must do a good job of risk prevention, strictly set stop loss, and even if they do not set take profit, stop loss must not be ignored, which is an important line of defense to ensure the safety of funds. When the direction of the market is unclear, remain cautious in order to avoid risks in the complex and volatile market and wait for opportunities.

#行情震荡，做空还是做多？