$ETH Evening Thoughts:
For the steady players, wait for the second contract to test this trend line and show a false breakdown before adding another position. If it breaks directly and doesn't recover, do not add more.
You can take the position of the false breakdown as your stop loss, or you can set your stop loss according to the levels I provided in the chart.
For the aggressive players, wait for the second contract to break and stabilize above the 2557 neckline to enter a long position directly. Pay attention to changes in volume and set your stop loss properly. It should be simple enough to understand!
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The second contract is looking up towards 2589-2617 after breaking the 2556 level on the hourly chart.
If it breaks below 2520 on the 4-hour chart, the second contract needs to correct downwards, targeting 2487-2437. As long as it doesn’t break below 2520, there’s nothing to worry about.
Continuing to look at the chart: the target position for the 1:1 Fibonacci retracement on the hourly chart for the second contract is 2639. If it can reach this position, it will also be your take profit level. If you don’t want to take all profits, at least take 75% and leave the base position to aim for the 1.618 level at 2721. The second contract really doesn’t want to drop, so let’s take off! Meeting adjourned.