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The current market offers many opportunities, but it is indeed difficult to seize and retain profits. The approval of Bitcoin's ETF has completely changed the original pattern of the cryptocurrency market. Therefore, the approval and listing of Ethereum's spot ETF may once again change the cryptocurrency market landscape. SOL and LTC are also among the ETFs in the future. Therefore, the market in 2024 will be a diversified sector rotation market. The changes in ETF data will also affect the market trend at any time, and the sector effect is particularly prominent. The approval of Ethereum's spot ETF has driven the takeoff of many related currencies, especially long-dormant currencies such as ETHFI, CEL, AAVE, SSV, and so on. Therefore, the cryptocurrency market is a market driven by news. News will always influence the market trend. The recent market trend once again proves that relying solely on exquisite moving averages and candlestick theories may not work. Pay attention to changes in the news.
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Bitcoin daily chart has three consecutive bearish lines, with a correction upwards during overnight trading, reaching a high near 69200. There will be a short-term oscillation and repair. The recent market trend shows a tendency of exploring highs and then falling back. The Bollinger Bands are gradually narrowing, indicating that the market is in a relatively tense state. Although the price has dipped during this period, it seems to be more of a virtual breakthrough process. Substantial breakthrough still needs to be observed in terms of closing strength. After a virtual breakthrough again yesterday, the market closed at a high position, further intensifying the market's uncertainty. Currently, attention is on the resistance levels at 69500-70500. If broken, there is room for further exploration of higher points. On the downside, attention is on the support levels at 67200-66500-65200, forming a step-like pattern. The market may experience smaller fluctuations over the weekend, oscillating within a narrow range.
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After the Ethereum market pulled back near 3655, the market bulls gradually stabilized, and the Bollinger Bands expanded upwards. The market formed a two-day rising trend. In the short term, the one-hour chart shows that Ethereum is pushing up and seeking a breakthrough. After the long wick candle, there are signs of a pullback under pressure. The support level is near the 3620 range, and the current price is still testing downwards. On the daily chart, the price keeps testing upwards on the upper band, and we are waiting for a rebound to seek a breakthrough. We need to pay close attention to the short-term resistance level at 3850. If it can successfully break through, we may see the previous high near 4000. However, if it fails to break through, the market may continue to maintain a range-bound pattern. Currently, the Bollinger Bands are still expanding, and it is expected that the short-term market will continue to choose a direction in the oscillation.