Ethereum Consolidation Phase Raises Red Flags for Short-Term Traders
The Ethereum market has entered a consolidation phase after a rapid dip in price. The recent low is around $2440, with key resistance near $2510 above.
The indicators show that the 4-hour MACD remains in a weak zone with insufficient bullish momentum, and the KDJ's J value has risen, signaling a short-term overbought condition.
From a short-term perspective, the price is rebounding from the $2440 low, but the highs are gradually declining. The 1-hour MACD has formed a golden cross with continuing red bars, indicating some short-term rebound momentum, but it is not strong.
The market is experiencing intense contention between bulls and bears within the range of $2440 to $2520. Traders should avoid heavy positions before the price effectively breaks through the boundaries of the range.