The market is like waves; you need to watch the wind direction to avoid being knocked down!
Roller Coaster Market: ETH had a big roller coaster in today's hourly chart! It surged to around 2680, looking quite fierce, but couldn't hold, and suddenly dropped back down.
Key Price Level: The current price is fluctuating between 2450 and 2500. Around 2450 is a key support level, meaning it acts like a floor price; let's see if it can hold and not break down. Above, 2600 is a resistance level.
Market Sentiment: The trading volume has clearly shrunk compared to previous peaks, indicating that everyone is a bit hesitant at this position, and trading activity is not very active as they are observing.
Moving Average Reference: The yellow line and the white line are almost touching, indicating that the short-term direction is unclear, and both bulls and bears are somewhat stalemated.
A historical example:
Do you remember around mid-June? It was pretty much this stance, a sharp rise followed by a drop near a support level, where it stabilized around 2350 with shrinking volume, and then rebounded nearly 30%. It's a bit like the 'calm before the storm' now.
Golden Building's Advice for Unwinding:
If you have positions trapped above 2600, the focus now is to keep a close eye on the 2450 'floor':
If 2450 holds:
Trading volume gradually increases moderately.
If the price can steadily return to 2500, or even touch 2550.
Unwinding Action: In this situation, you can 'properly add to your position'. For example, if you bought at 2680, now add a bit at 2450-2500; this will lower your average price. This way, if there's a slight rebound later, say to 2600, you can unwind or even make a small profit. Remember to do it 'appropriately', don't throw too much money in at once!
If 2450 breaks down:
Volume breaks down 2450.
Weak rebound, constantly pressed by 2450.
Unwinding Action: You need to be alert! The next support may need to watch the 2300-2350 area. Risk control comes first! In this situation, rather than holding on stubbornly, it’s better to consider partial stop-loss exit or strictly set stop-loss orders to avoid deeper entrapment. Wait for clear signs of stabilization below before thinking about bottom fishing.
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