12.19 ETH Morning Market Forecast and Analysis

Based on intraday trading trends, Ethereum showed a strong recovery pattern after probing lows in the morning, rebounding sharply and pushing higher. Overall bullish momentum outperformed Bitcoin, with a clear short-term volatile characteristic.

Price Fluctuation: After dropping to a daily low of 2772.97 in the morning, the price quickly rebounded, then oscillated upward and surged to 2840.40. Currently, it has pulled back to around 2834.99. During the rebound, volume increased as the price advanced, indicating strong bullish support.

On the intraday chart, the price has broken through the previous high-density consolidation zone. The support zone is now between 2800-2815, while 2840 acts as an immediate resistance level. No significant bearish reversal signals have appeared on the candlestick chart.

From the perspective of volume and candlestick patterns, Ethereum formed a series of bullish candles after the morning dip, representing a strong recovery after oversold conditions. After breaking through the key resistance at 2830, market buying sentiment has increased, and the rebound momentum from short-term oversold conditions has not yet fully released.

The market is likely to maintain a bullish volatile upward trend for the day. If it can hold above 2840, it may further challenge the 2890-2900 range. Conversely, if it faces resistance at 2840 and pulls back, it will likely oscillate within the 2815-2840 range.

Trading Suggestions:
- Long positions on dips: Buy on retracements around 2815-2820, with the first target at 2840-2850. After breaking through, aim for 2890. Place stop-loss below 2800.
- Short positions on resistance: If a bearish engulfing or shooting star candlestick appears around 2840-2850 during a rebound, consider small short positions targeting 2820-2810-2780. Stop-loss should be placed above 2860.