ETH is transitioning from a small-scale consolidation channel to a horizontal movement. It has again tested the 1750 support.
It can be seen that after extreme contraction below, the bears have started to expand again. Observe the strength of the subsequent rebound; if there is another contraction rebound, then the expected rebound height will be limited. In the future, ETH will likely shift to a relatively weak oscillation.
The current position is at the lower edge of the rectangular oscillation range, which is a good risk-reward position for longs.
Don't be intimidated by large bearish candles. You can observe a few more 4-hour K-lines first. If it gently expands and breaks down again, it basically represents support. The key is to observe the strength of the subsequent rebound. If there is a continued weak rebound, then the breakdown is really just a matter of time, especially with key data being announced on Friday.
Several positions to pay attention to
Support positions
First position 1730-1750
Second position 1688-1700
Third position 1660
Resistance positions
First position 1830-1850
Second position 1890-1910
Third position 1950
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