Interpretation of ETH Trend Based on 1-Hour Candlestick Period

[Price Trend Analysis]

1. Candlestick Patterns:

- Recently, there have been long lower shadow candlesticks (e.g., the high of 2845.44 and low of 2822.51 at 21:00 on November 23), indicating strong buying support below.
- The 2850 round number forms a clear resistance level (price touched a high of 2850 at 20:00 on November 23 before pulling back).
- A double bottom structure has formed around 2770 (at 07:00 and 08:00 on November 23).

2. Technical Indicators:

- MACD shows bearish divergence at the hourly level (price hits a new high but DIF does not break the previous high).
- RSI14 pulled back from the overbought area at 64 to 55, now in a neutral-to-bullish area.
- EMA7 crosses above EMA30 forming a golden cross, but price is still suppressed by EMA120 (2869).

3. Trading Volume:

- Significant increase in volume at key levels (e.g., volume of 25475 during the sharp drop at 22:00 on November 23).
- Currently consolidating with lower volume (most recent hourly volume only 5672).
- Breakout above 2800 was accompanied by increased volume (volume of 9170 at 16:00 on November 23).

[Buy/Sell Entry Points]

Buy Entry 1: 2800 USDT (round number support, previous swing low plus EMA30 support)

Buy Entry 2: 2770 USDT (double bottom confirmation, EMA120 long-term moving average retest)

Long Stop Loss: 2750 USDT (breakdown below double bottom neckline, trend reversal signal)

Sell Entry 1: 2850 USDT (previous high resistance area, key level for volume-backed pullback)

Sell Entry 2: 2880 USDT (EMA120 resistance + daily descending trendline resistance)

Short Stop Loss: 2900 USDT (breaks previous high and EMA120, bearish thesis invalidated)

ETH 1-hour price trend: sideways