Is ETH being washed by the main force? The death line at 2950 hides danger!
Oh, the movement of ETH these past two days has been really heart-wrenching! It has fallen sharply from a high of 3083 USD and is currently lying around 2950, still unstable. Not only has the volatility exceeded 3% in two days, but the K-line has also formed long upper shadows, clearly indicating the signs of the main force pulling up to sell!
But don’t rush to cut losses! The critical watershed is firmly held around 2950— the 30-day moving average at 2951.68 and the middle track of the Bollinger Bands at 2978.66 are like two gate gods, creating a steel defense for the bulls!
Looking at the RSI indicator, the neutral value of 58.55 clearly suggests: the trend has not turned bearish at all! In my opinion, this sharp drop is just the main force using the panic from the German government dumping BTC to violently wash out the market. Look at those panic-selling retail investors, aren’t they just 'charitable' givers of cheap chips to the whales?
What’s even more intriguing is the mystery of the trading volume: there was no huge volume during the crash, and the bottom chips have not budged at all! Although the BBI long-short line at 2993.62 was broken, the 7-day line at 3014.70 is still hanging above, showing a pattern of pressure above and support below, doesn’t it resemble the accumulation and fluctuation before last year’s bull market started?
The current approach can only be: hold onto the previous low of 2930, which is the golden pit! Every 1% drop below 2950 is an opportunity to increase positions, and breaking 3030 allows for chasing the rise. Remember, friends, bull market corrections are always a red envelope for the awakened!
Prepare in advance for potential coins, pay attention, and keep up with my rhythm to make a full profit in this round of the market!
