🔴｜ETH Central Axis Position, Is It a Breakthrough or Continued Decline?
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When Ethereum approached the first resistance level near 2677 on the 10th, I mentioned in my post that it felt like a trap specifically set for bears, yet I still jumped in and ultimately had to stop-loss out.
However, following the favorable CPI report, there was a false breakout, after which I took a short position. The conflict between Israel and Iran led to a Black Friday scenario, causing the fragile market to panic and drop.
But now, compared to shorting, at this moment, I am more inclined to go long. The previous ETH retracement breakout shows that the overall trend of the moving averages has completely changed, with the moving averages firmly placed below the candlesticks.
Additionally, ETH has Pindar'd for four consecutive weeks, and tomorrow's weekly close is likely to be the fifth Pindar.
The current position of ETH can be said to be very crucial, as it is a key central axis point for ETH, bridging the previous and the next. However, it's the weekend, and with the US stock market closed and lacking liquidity, there's not much action. I advise everyone to hold off on making trades.
Be patient, be patient, wait for the candlesticks to give you a suitable entry point.