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Evening Market Overview on 6.17: Will ETH follow a Gartley pattern or an extended butterfly pattern?

2548 is the location where support and resistance switch, also known as the ice line position. If ETH breaks the ice tonight, it will revolve around this point.

If it repeatedly tests this level without breaking or dips below and then rebounds above, it is an opportunity to enter long positions. Add to positions at 2512, reverse guard at 2487, with targets at 2586 and 2620; conversely, if a big bearish candle breaks through without a rebound, enter short positions in the direction of the trend, with a stop at 2586 and targets at 2512 and 2472.

Looking at ETH, there is a non-standard bearish Cypher. If it follows the Cypher, the predicted D point would land at 2530; if the D point extends during the pullback, it might form a butterfly pattern, with the predicted butterfly D point landing around 2438. Both patterns are bearish, so choosing short positions is more appropriate; at the same time, one could also choose to ambush the two D points on the left side to make a long rebound.

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