Most people see the news of a significant drop, enter with high leverage short positions, and now they are buried. Meanwhile, my needle 🪡 is preparing to take profits on the long position.

$ETH

Good afternoon ☕️ I am Oupeng, today is May 14th. From the one-hour chart of Ethereum, after the rebound from the bottom on May 13th, ETH has shown a relatively clear step-by-step upward rhythm. After the TD count reached "13", it peaked at 2738.62, followed by a rapid decline. Technically, this belongs to the "top divergence + TD13" high point structure resonance, which is a short-term reversal signal.

Key structure interpretation of the chart:

1. Clear top structure:

The high point of 2738.62 left a long upper shadow, and the completion of the TD sequence with 13 counts is a common pattern for short-term tops.

The current price has fallen below the upper edge of the previous range (around 2650), entering a short-term adjustment period.

2. Key levels:

Support levels: EMA30 (2607) and the previous box top (2600) are the current short-term supports. If it continues to break down, it will test the lower 2450 (EMA120 + double bottom support resonance area).

Resistance levels: The range of 2650-2670 has turned from support to resistance, which is the observation point for whether the rebound can continue.

3. MACD:

The MACD bars at the bottom of the chart have turned green, and the fast and slow lines have formed a dead cross, with momentum turning downward, indicating that the upward momentum has weakened, and bears are starting to dominate the short-term rhythm.

4. Volume coordination:

During the rebound, the volume increased, and during the top retracement phase, the volume decreased, indicating that the chasing high funds have decreased. The current market sentiment is becoming cautious, and signs of rebound exhaustion are obvious.

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Strategy suggestions:

Short-term bearish, pay attention to the validity of the 2600 support.

If it stabilizes after retracing to 2600, small-level long positions can be taken to bet on the rebound;

If it breaks below 2600 with increased volume, it is recommended to stop-loss and wait, calmly awaiting verification of support in the lower 2450 area;

It is not advisable to chase highs in operations, it is recommended to focus on selling high and buying low, controlling the rhythm and position well.

Summary of views:

ETH short-term peaks and falls back, with clear top signals. It is currently in the early stage of a downward fluctuation. If the 2600 level is lost, it may enter a deeper adjustment. The trend is unclear, momentum is weakening, and top signs are converging, making the short-term bears slightly dominant.