The master said about the coin: On June 26, Ethereum demand does not match Bitcoin, which may put downward pressure on prices

The cryptocurrency market has rebounded to around $62,000 after hitting a low of $58,300 yesterday. Ethereum also surged to $3,430 at one point. In the article "The Limited Impact of Ethereum Spot ETF on June 23" published by Daxian, a short position at $3,500 was suggested, with a low reaching $3,210. As of the time of writing, the price is $3,382.
The demand for Ethereum spot ETFs is expected to be far lower than that for Bitcoin spot ETFs. Ethereum lacks the demand catalysts like Bitcoin halving, and Bitcoin investors have a different value proposition compared to Ethereum. The Bitcoin halving event, as a potential bullish event, also serves as an additional catalyst for creating demand for Bitcoin spot ETFs, which Ethereum does not have a similar driving force for. Due to the less active trading activity in the Ethereum market compared to Bitcoin, along with a smaller total amount of managed assets, investors' interest in Ethereum spot ETFs may be significantly lower than that for Bitcoin spot ETFs. Therefore, the initial reaction of market investors to Ethereum spot ETFs may be negative, which could exert downward pressure on Ethereum's price.
Ethereum 4-hour chart
Firstly, according to the Bollinger Bands indicator on the Ethereum 4H chart, the bands are narrowing, indicating that market volatility is decreasing. The current price is fluctuating between the middle and lower bands, with the middle band at $3,394 acting as short-term resistance and the lower band at $3,275 serving as short-term support.
Secondly, based on the KDJ indicator on the Ethereum 4H chart, the three KDJ lines are forming a death cross at a high level, suggesting a possibility of a pullback in the short term. The J line is rapidly moving downward, indicating that the downward momentum is strengthening, and a slight pullback may occur next.
Finally, according to the MACD indicator on the Ethereum 4H chart, the DIF line and DEA line are operating below the zero axis, indicating that the overall market is still in a downtrend. The MACD red histogram is gradually shortening, suggesting that the rebound momentum is weakening, and the market is about to enter a downtrend.
Ethereum 1-hour chart
Firstly, according to the Bollinger Bands indicator on the Ethereum 1H chart, the current price is fluctuating near the lower band, and the bands are narrowing, indicating that market volatility is decreasing. The distance between the upper and lower bands is narrowing, suggesting that the market may enter a consolidation phase in the short term, with little significant price movement expected.
Secondly, based on the KDJ indicator on the Ethereum 1H chart, the K line and D line are currently hovering around 50, indicating that the market is in a consolidation state with no clear trend direction. The J line has retraced to a lower position and is turning upward, suggesting that there may be a chance for a rebound in the short term.
Finally, according to the MACD indicator on the Ethereum 1H chart, the DIF line and DEA line are rising rapidly, indicating that the current price trend has some upward momentum. The MACD green histogram is also gradually shortening, suggesting that bullish strength is beginning to emerge in the short term.
Comprehensive analysis: Based on the 4H chart, the KDJ indicator shows short-term rebound signals, and the weakening bearish momentum in the MACD indicator also supports the possibility of a short-term rebound. The price may test the resistance level at the Bollinger Bands middle band of $3,394. If the price cannot stabilize at the middle band, subsequent market movements can rely on the middle band resistance of $3,394 for short positions at highs. According to the 1H chart, Ethereum is currently in a consolidation state and may fluctuate within the current price range in the short term, with no clear upward or downward trend.
In summary, Daxian provides the following suggestions for reference:
Short Ethereum at around $3,395-$3,390, targeting $3,338-$3,280, with a stop-loss at $3,420.
Continue to hold the short position at $61,900 for Bitcoin as suggested in Daxian's article yesterday, with the take-profit point moved down to around $60,300.

Time of writing: (2024-06-26, 19:20)