Latest Ethereum (ETH) Market Analysis

Looking back at yesterday's market trend, Ethereum formed a bullish line at the close, but the long upper shadow indicates significant selling pressure above. The favorable CPI data released last night brought confidence to the longs, pushing the price briefly above $3600. However, the short selling pressure is equally strong, and the price was pulled back below $3600 during the night. Nevertheless, the longs maintained support at $3500 during the night. The daily chart currently shows intense competition between longs and shorts. Yesterday's long shadow also suggests that the market direction may be uncertain this morning, with a lower opening price.

However, it is important to note that as long as the price does not fall below the 120-day moving average (MA120), the bullish trend remains valid. Observing the four-hour chart, after the 20-day moving average (MA20) crosses the 120-day moving average (MA120), there seems to be a sign of approaching the 250-day moving average (MA250). Although the price is still below the 20-day moving average (MA20), there may be an opportunity to sell on rallies in the afternoon. Looking at the one-hour chart, the 20-day and 120-day moving averages are approaching, but the price is still below the two moving averages, indicating that the market is entering a consolidation phase.