Interpret the ETH trend using a 1-hour Candlestick cycle.

[Price Trend Analysis]

1.Candlestick patterns:

After testing the support near 3050 twice on the 1-hour level, there was a rebound, forming a short-term double bottom structure. However, there is significant selling pressure at the 3100 round number.

The daily chart has formed a "Descending Three Methods" pattern, after a large bearish candlestick on November 17, it rebounded for three consecutive days without breaking the previous high, and on the 19th it closed bearish again confirming the downward trend.

2. Technical Indicators:

MACD: The 1-hour level DIF and DEA have formed a death cross below the zero axis, and the daily MACD histogram has been in negative territory for 18 consecutive days, indicating a bearish dominance.

RSI: The 1-hour RSI14 hovers around 50, while the daily RSI14 remains in the oversold zone below 35 without divergence.

EMA: The price continues to be constrained by the EMA120 (3146) resistance, and the EMA7 has crossed below the EMA30, forming a death cross.

3. Trading Volume:

Significant volume at key positions: On the 19th at 13:00, the trading volume was 42,317 (recent peak) during the drop, and on the 18th at 23:00, the trading volume was 58,778 during the rebound.

Current volume contraction and oscillation: The trading volume at 20:00 is only 1908, lacking directional breakout momentum.

[Buy and Sell Points]

Buy point 1: 3050 USDT (the double bottom support level formed by the previous low of 3053.55, combined with the support of the EMA30 moving average)

Buy point two: 3020 USDT (integer level + previous wave low point support at 3010.6, if it confirms a pullback, you can increase your position)

Long stop loss point: 3000 USDT (break below the round number and previous low of 2992.23, trend reversal requires stop loss)

Sell Point 1: 3110 USDT (EMA120 moving average resistance + previous high 3112.55 resistance)

Sell point 2: 3130 USDT (integer level + November 19 high point 3131.18 selling pressure zone)

Short stop loss point: 3150 USDT (if it breaks the previous wave high of 3150.43, the bearish structure will be invalidated)

ETH 1-hour price trend: down