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Today, the US stock market opened strongly, and the Ethereum market has seen a pump. According to Technical Analysis, when the Ethereum price rises above the trend line again, one may consider getting on board a short-term long positions, with an entry price around $3608.
The target price for this trade is set around $3650 and $3699. However, investors need to closely monitor the trend of the Nasdaq index. As the Nasdaq opened with a significant rise, it may be difficult to maintain a high level. If there are signs of a pullback in the Nasdaq, it is advisable to close positions in a timely manner to control risk.
In the current market environment, the short-term trend of Ethereum is highly correlated with the performance of U.S. stocks, especially technology stocks. When participating in cryptocurrency trading, investors should not only pay attention to the internal dynamics of the crypto space but also look towards the broader financial markets, particularly the direction of the U.S. stock market.
Overall, this is a potential short-term trading opportunity, but investors need to remain vigilant and be ready to adjust their strategies based on market changes. In the highly volatile market of cryptocurrencies, risk management is always the top priority.