What is the truth behind ETH's surge and plunge? Is 2788 the short-term ceiling? The battle for 2600 has begun!
After ETH surged to 2788.88, it clearly struggled to rise further, now fluctuating around the key support level of 2615.77.
Both bulls and bears are repeatedly clashing at the BBI indicator 2633.53, and the RSI is hovering between 40-45, indicating that the bears haven't gone all out but also have no intention of backing down.
Currently, trading volume is down by 30% compared to when it surged, suggesting that those chasing the rise are starting to hesitate. However, the 2600 round number and previous bottom have not been broken, indicating possible continued fluctuations in the short term.
In my personal opinion, don't rush to bottom fish at this level. Wait for a breakout above 2700 with increased volume before considering going long. If it breaks below 2600, wait for a buy near 2550. Chasing highs and cutting losses in this market is like giving away money; being a bystander is the safest bet.
If you're unsure and always chasing highs and cutting losses, feel free to reach out for a chat. Like + leave a message, Tiger brother will help you get on board.