Strong Dollar Rally, Continuing Retracement

Summary:

The medium-term recovery does not give a signal of the end, and the intraday trend is merely a short retracement and consolidation.

BUY ETH-USDT

Close Time

CLOSED

1600.00

Entry Price

1660.00

1570.00

1664.41 -63.95 -3.70%

300.0

Pips

Loss

1570.00

1569.19

Exit Price

1600.00

Entry Price

1660.00

Fundamentals

The strong rally of the dollar index was the main reason for the retracement in the last few days. Another reason is that the world's largest cryptocurrency exchange, Binance, will suspend US dollar deposits and withdrawals, which has triggered some panic in the market. Therefore, in the period of recovery of market confidence, it is normal to have oscillations and hovers as a retracement trend. On the whole, the market's current medium-term recovery does not give a signal of the end, and the intraday trend is merely a short retracement and consolidation.

Technical Analysis

In the daily chart, the current round of Ether's rise can be divided into two stages. The first is the unilateral rise from 1200 as the starting point to the first hit of 1640. The second one is the ongoing oscillating rise at highs. The price is now in the process of adjustment at highs and is still oscillating within the box, which is in the position of the box pivot. ETH-USDT: Strong Dollar Rally, Continuing Retracement _1

ETH-USDT: Strong Dollar Rally, Continuing Retracement _1

A compressed downward triangle oscillation channel was formed in the 1-hour chart, and the long cycle is in the oscillating upward channel. From the chart, the key support is the 1580-1600 range. If going long after the price has stepped back below the 1600 position during the day, then the stop loss is below 1580, and the take-profit position is in the 1650-1668 range. If shorting near the 1668-1672 range position above, then the stop-loss position is in 1700 and the take-profit position is in the 1620-1600 range. ETH-USDT: Strong Dollar Rally, Continuing Retracement _2

ETH-USDT: Strong Dollar Rally, Continuing Retracement _2

Trading Recommendations

Trading direction: Long

Entry price: 1600

Target price: 1660

Stop loss: 1570

Support: 1600/1570

Resistance: 1650/1670

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