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At the beginning of this week, the Ethereum (ETH ) market has shown some technical indicators worth following. A bottom divergence pattern has appeared on the 15-minute chart, which may signal a rebound in the short term. From a larger time frame perspective, the support level on the 6-hour chart is also playing a role.
It is worth noting that the movement of ETH has a certain correlation with the US stock market. Market analysts predict that the US stock market may rebound to around 4400 points, which could have a chain reaction on the cryptocurrency market.
In terms of the current resistance level, 4330 points is a key position. If ETH can break through the 4370-4380 range, it may open up further upward space. This week's trading range is expected to oscillate between 4250 and 4380.
From a time frame perspective, the first important bottom structure this week is formed on the 30-1 hour charts. Traders should closely monitor the EMA56 moving average, which may become a resistance level in the short term, while the EMA56 moving average on the 6-hour chart may serve as a support level.
If the price breaks below support, the next key support area is between 4200-4170. This range may also become the first peak position of the week.
Overall, ETH is currently at a key technical position, and the short-term trend will provide important clues for the upcoming trend. Investors should closely follow these key levels and develop trading strategies in conjunction with the broader market situation.