Today, the price of Ethereum plummeted to around 2251 in the early morning. At the same time, the weekly chart closed today. Looking at the weekly technical indicators, the current price is running below the MA5 moving average and showing a bearish volume with a red TD9. From the TD indicator, if the red TD9 can hold steady, then there will be a chance for a rebound in the subsequent price. Conversely, the KDJ technical indicator, MACD technical indicator, and BOLL technical indicator continue to show bearish volume resonance for a decline. Currently, the MA three-day moving average is also continuing to decline to varying degrees. Therefore, the trading strategy for this week is likely to be mainly short.

Looking at the daily technical indicators, the KDJ technical indicator and MACD technical indicator show a slight decrease in bearish volume, while the BOLL technical indicator continues to oscillate downward. In the early morning, Ethereum also dropped directly from the middle rail to the lower rail area, indicating that the rebound in the past two days was a preparation for the subsequent decline. The MA5 moving average and MA10 moving average continue to oscillate downward. At the same time, the current price has dropped below the MA5 moving average and is in a bearish arrangement with a red TD2. Therefore, the trading strategy for today is recommended to be mainly short. The overall trend of the 4-hour technical indicators is not significantly different from the daily chart, and it is estimated that there will likely be a bearish volume decline around 8 p.m. tonight.

9.16 Ethereum/Bitcoin Midday Trading Strategy

Ethereum: Short near 2300-2335, Stop Loss: 2397, Target: 2260-2200

Bitcoin: Short near 58900-59500, Stop Loss: 60200, Target: 57800-57000

The above is my personal midday market analysis. If you have any questions, you can leave a comment in the comment section or follow my WeChat public account to find me.

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