Technical analysis by sxaix1 about Symbol ETH: Sell recommendation (5/7/2024)

I said yesterday that the rebound in Ethereum price requires attention to the 3127-3168 resistance area. If the price rebounds into this range and starts to fall, the price will continue its downward trend. Today the price rebounded to around 3130 and encountered resistance and fell, with the lowest point reaching 3060. A reversal pattern appeared on the 4-hour chart, and there is a high probability that the downward trend will continue. Trading strategy: If the price rebounds to the 3100-3130 range, you can sell with a target of 3010-3020 and a stop loss of 3140. If the price breaks above 3140, then the price will continue to rise in the short term. The above strategies are for reference only, you can continue to pay attention to my updates. I will also publish strategies in real time in my coaching groupComment: Ethereum’s current rebound is very weak and will continue its downward trend as expected.Comment: Ethereum price rebounded to around 3100 and started to fall, which is a good selling opportunity. Those holding short orders need to pay attention to the upper resistance level of 3100. If the price breaks through 3130, it will continue to rise in the short term.Comment: The price currently encounters resistance in the resistance range of 3048-3065. If the price cannot fall below 3048, it may rebound and rise.Comment: Ethereum is also falling according to my predicted trend. Next, focus on the resistance level near 2310. Those who hold short orders can wait for the price to fall around 3010.Comment: Yesterday I predicted that the price of Ethereum would fall around 3010. Today the price has fallen below 2010 and is still continuing to fall. The downward trend will continue in the short term. Trading strategy: If the price rebounds to the 3005-3037 range, you can sell, with a target of 2930-2940 and a stop loss of 3050.