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Ethereum failed to sustain its upward momentum. After facing resistance at 2386 yesterday, it retraced all the way to 2294, then rebounded to the 2357 area. Following an adjustment in the early morning, the price stabilized above 2300.
On the 4-hour chart, bulls and bears are engaged in a short-term tug of war, with the short-term trend showing a sideways consolidation. On the hourly chart, the Bollinger Bands are narrowing, and the price is moving back and forth around the middle band, with no clear bullish or bearish signals in the short term.
As the rebound strength diminishes, it is not advisable to chase longs for now. Intraday rebounds are better considered as shorting opportunities. Short positions can be taken around the 2340-2360 zone, targeting the 2290-2250 area below. $BTC #比特币站上7.5万美元 #加密市场上涨