$ETH Evening Thoughts:
The second pancake has been quite good and hasn't dropped much. If the second pancake gives you a bloodbath on the streets, wouldn't you have to hold on too? So, one must be content; greed can lead to downfall. Even the second pancake hasn't broken the previous low of 2310, what more do you want?
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Speaking with the chart: looking at the daily chart of the second pancake, this box has already been broken. The daily closing price has settled outside the box. Currently, the second pancake is attempting to rebound back into the box; let's see if the daily closing price can return to operating within this box by 8 AM tomorrow!
If the second pancake can successfully return to operating within this box, it will continue to be strong; otherwise, the opposite will hold true.
For the second pancake, a breakout to the upside beyond 2474 signifies a bullish trend, while a breakout below 2466 indicates a bearish trend. Pay attention to changes in volume and set appropriate stop-losses.
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On the hourly level, a breakout above 2484 targets 2525-2550; breaking 2484 is just a matter of patience! On the 4-hour level, a drop below 2439 targets down to 2391-2313.
Continuing with the chart: the second pancake's hourly level shows that if this long bearish candle of 80 meters isn't broken, the second pancake will continue to oscillate around this bearish candle in a pattern.
To put it simply, if this long bearish candle isn't broken upwards or downwards, it will keep oscillating between the highest and lowest prices of this bearish candle.
Today at 8:30, non-farm payroll data will be released. If the results meet expectations, it will take off directly from the same spot. Everyone should be cautious of short-term volatility after the meeting.
