Warning! The recent rebound for $ETH may just be a false move!
The most critical position to watch now is 2500! Today, the market surged to 2579 before quickly retreating, currently stuck near 2510, oscillating sideways. The technical indicators show a tug of war between bulls and bears at a key position—MACD's red bar is nearly gone.
The dual lines are merging above the zero axis with a death cross risk, indicating that the bulls are running out of strength; although KDJ just formed a golden cross at the 50 position, the rebound strength is weak, coupled with continuously shrinking trading volume, funds are on the sidelines and no one dares to take big actions.
There are layers of sell orders stacked above at 2650-2700, while the lower support levels of the round number 2500 and the previous low of 2460 act like the last two lines of defense. Personally, I feel this wave may not be finished dropping yet. If the position at 2600 cannot be regained, it is highly likely to probe for lower support levels.
In terms of operation, I suggest not to rush into bottom fishing, wait for the direction to become clear before acting; better to miss the opportunity than to make a mistake!
If you can't gauge it accurately and are always chasing highs and cutting losses, feel free to reach out. Like + comment, Tiger Brother will help you get on board.
