Morning of 12.8

From the 1-hour K-line cycle and technical indicators, ETH is showing a short-term pattern of surging and pulling back + weak recovery. It is currently above the middle band of the Bollinger Bands, temporarily relying on the middle band for support and fluctuating, but it is still far from the upper band resistance. Overall, it remains in a slightly weak consolidation range near the middle band of the Bollinger Bands. After a rapid surge to the stage high of 3150, a large bearish K-line was formed, resulting in a sharp pullback and creating a spike top pattern, indicating strong selling pressure in the 3140-3150 area above. After dropping to 2903, it rebounded, and now small bullish/cross K-lines have formed, which is a weak recovery pattern after a sharp decline, with limited rebound strength.

The KDJ indicator shows all three lines diverging downward from the overbought area where the J value previously broke above 100, and the J value has fallen below 50, indicating that short-term bullish momentum is quickly fading and bears are starting to take control. The MACD histogram has turned into green bars and continues to expand, suggesting that the mid-term uptrend is temporarily interrupted, and the short-term has entered a bearish adjustment cycle.

In the short term, the 1-4 hour cycle is likely to maintain weak fluctuations in the 3000-3100 range, with a bias toward testing support to the downside. Upper resistance: 3080-3100 key resistance for rebounds; 3140-3150 previous high and Bollinger upper band. Lower support: 3050 middle band of Bollinger; 3000 psychological level; 2960 lower band of Bollinger. If 3050 is broken, it is highly probable to explore the 3000-2960 range. If it can stabilize above 3100, the short-term downward pressure may ease. It is recommended to consider light positions near the 3150-3190 area on rebounds, with targets around the 3080-3040 area.

The above is for personal reference only. Please refer to Haoyu Shipan’s strategy for specifics! $ETH ‌#eth