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Analysis of the latest market trend for Ethereum (ETH): As of November 8th, based on the current market situation, the market has shown a three-day consecutive rebound with a bullish trend. The price has risen close to the upper band of the Bollinger Bands but remains below it. After continuous declines, a single rebound is insufficient to change the overall trend structure, but it does present some speculative opportunities. Therefore, the current rebound is more of a time and space adjustment for a potential second decline. The market structure leans towards a head-and-shoulders pattern.
On the one-hour chart, after consecutive bullish days, the price faces clear resistance at the upper Bollinger Band. After reaching a high, the momentum diminishes, indicating signs of a trend reversal. The probability of a pullback after reaching a high has significantly increased, suggesting that a new deep bottom may be imminent.
Trading Suggestions:
Ethereum (ETH): Range around 103,300-103,800, with targets near 101,500-100,500.
Secondary ETH: Range around 3,460-3,480, with targets near 3,380-3,330.