The current 1-hour cycle K-line shows that the ETH price is testing the key support level of $3132, which is the chip intensive zone (HVN). The buy sell ratio is close to 1:1, indicating intense long short competition. Membership indicators show that trading volume has shrunk to 33.19% of the recent average, indicating a decrease in market interest and potential short-term pullback risk. Combined with the continuous decrease in MACD bar chart, the downward momentum is strengthening, further verifying the bearish signal.
In addition, the combination of KDJ's death fork and the black three soldier form suggests that prices may continue to decline. If it falls below the support of 3132, the next target will point to the chip intensive area of $3037.
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The data is sourced from the PRO member's [ETH/USDT Binance USDT Perpetual 1-hour] K-line, for reference only, and does not constitute any investment advice.