$ETH Evening Thoughts:
If the second pancake doesn't drop, that's fine. As soon as it starts to fall, it must make a stunning move; this is the consistent approach of the second pancake.
While others do good deeds without seeking recognition, the second pancake must let everyone know that I, the long-time Number Two, have started to decline. In fact, the second pancake hasn't dropped much, just over 300 dollars. A drop of 1500 dollars would be considered a violent decline. Personally, I rarely engage with the second pancake because I think it is like someone who wants to stand out but only relies on mood; there’s no logic to it.
🎑
Talking through the chart: The second pancake is currently hindered at the Fibonacci 23.6 level on the hourly chart. If it rebounds and can stabilize at 38.2, it indicates that the second pancake has shifted from weak to strong. If it can hold above 50, it shows that the second pancake is very strong. The levels of 38.2, 50, and 61.8 are currently the resistances for the second pancake. For those who bought at the bottom, you can take profits in batches at these three levels, leaving a base position to aim for the Fibonacci 1:1 upward target.
The second pancake should break through 2521 with volume on the right side to chase long positions, and break below 2507 with volume on the right side to chase short positions. Pay attention to the changes in volume and manage your stop-loss.
🎑
The second pancake needs to hold above 2550 on the hourly chart to continue trending upwards towards 2590-2634. If it cannot hold above 2550, all efforts of the second pancake will be in vain.
On the 4-hour chart, breaking below 2491 would require a retest of 2450-2400.
Continuing to look at the chart: The price indicated by the yellow arrow on the right side of the second pancake’s level 4 chart must not fall below this point.
Because this is the dividing line between bullish and bearish for the second pancake; once it falls below here, the speed of the rise will be rapid, and the speed of the fall will be even faster.
There may also be panic selling, and if it breaks below 2386, the upward trend of the second pancake will come to a halt for now. Meeting adjourned.