Coin Zone Trend: This Week’s Big Data on Ethereum Price Trends (2017-07-24)

ETH Weekly Report | Ethereum is in a narrow range of fluctuations, pay attention to the breakthrough direction in the short term
1. Market highlights <br/>Current Ethereum price: 1496
Last week's volatility: -13.11%
Operational suggestions: Avoid risks and be cautious when buying at the bottom

2. Trend Analysis <br/>The price of Ethereum fell to 1,000 yuan and began to rebound, but the bulls did not continue to break through the pressure level of 16,000, causing the price to fall into a shrinking adjustment pattern. Looking at the daily chart, the K-line entity of the Ethereum price in the last four daily levels has generally shown a shrinking trend, and the trading volume is gradually shrinking. The bulls and bears are temporarily in a state of parity. This week, if the price breaks through this shock pattern with a large volume, the market outlook is still bullish. If the price breaks down below 1,400, it will continue to fall to the support area below.
Looking at the weekly chart, the moving average system (5, 10, 20) and MACD all show a dead cross, and the possibility of the bulls raising the price again in the short term is small. Since the price of Ethereum broke through the 1,000 yuan mark, there have been two corrections and fell below 1,000 yuan, but the bulls were able to quickly regain the ground, indicating that the support below is strong.
Overall, the market adjustment trend has not changed, and it still needs more time to adjust and accumulate strength. If the price breaks through 1600 with large volume, it is appropriate to go long, and the short-term resistance area is 17500~1800. If it breaks down 1400, it is necessary to watch more and do less, avoid risks, but do not hold a large position for reference, and set stop loss and take profit positions.