Briefly share my personal view on ETH!!!
The five-wave rise of ETH has ended, and it is currently confirming a pullback—key support is about to be tested!
From the ETH 4-hour chart, the standard five-wave upward structure has basically completed, and it is currently in the adjustment phase after the (5)th wave.
Top resistance area: 2730–2780 (end of the fifth wave)
Key support level: 2630–2640 (pullback area of the (4)th wave)
Stoch RSI has entered the overbought zone, momentum is weakening, and there is a need for consolidation in the short term.
Two possible scenarios ahead:
Scenario One (Bullish):
If ETH can hold the 2640 support, a reversal signal will be established, and it is expected to challenge the 2800 level again, or even initiate a new upward attack.
Scenario Two (Bearish):
If it breaks below 2630, it will disrupt the current structure, and in the short term, it may pull back to the 2480–2520 range, with a correction of 6~8%.
My strategy:
Consider a small long position in the 2630-2640 range, with a stop-loss set below 2610, targeting 2780; conversely, if the rebound does not exceed 2735, also consider a small short position to bet on a pullback.
What are your views?
Do you think ETH can surge again, or do you feel the top has already formed?
Leave your judgment in the comments section, and let's review and verify together!
