Juejin Old Cat: ETH Short-term Pressure and Consolidation, Low Buy High Sell Strategy

The market has never been smooth sailing; consolidation and shakeouts are normal. Today's ETH price action once again confirms this. In the morning, the price fell from the high of 3088 under pressure, bottomed out near 2864, then stabilized and rebounded, subsequently trading within a narrow range of 2900-3000. As of the current quote, it is 2934, down 2% for the day. Overall, the bulls and bears are in a brief balance, and the market continues the recent consolidation pattern.

From a news perspective, recent market sentiment has been mainly influenced by US stock volatility and cryptocurrency regulation developments. On one hand, the correction in the US tech sector has triggered risk asset correlations; on the other hand, SEC regulatory actions against some crypto platforms are still ongoing, causing market funds to remain cautious and further limiting ETH's upward potential. However, the ongoing progress of Layer2 projects in the Ethereum ecosystem and long-term institutional investments also provide potential support for the price.

From a technical standpoint, on the 1-hour chart, the price is moving between the middle and lower bands of the Bollinger Bands, with the middle band forming clear resistance. The Bollinger Bands are narrowing, indicating that short-term consolidation is unlikely to change. The KDJ indicator is currently in the low region, with the J line showing signs of turning upward, suggesting a short-term rebound demand; the MACD continues to show a death cross, with the green bars shrinking but still below zero, indicating that the bearish momentum has not fully exhausted.

Strategy-wise, we continue to adopt a low-buy high-sell approach to handle the consolidation. Resistance levels are focused on the 2980-3000 range; touching this area can be used to open short positions with targets at 2930-2900. Support levels are at 2900-2880; after stabilization, long positions can be entered with targets at 2950-2980. Operations should strictly control position sizes and set stop-losses to avoid chasing rallies or panic selling.

Disclaimer
This article is only a personal trading idea shared by Juejin Old Cat and does not constitute any investment advice. Cryptocurrency markets are highly volatile, and trading involves significant risks. Investors should participate rationally according to their risk tolerance, and profits and losses are their own responsibility.