$ETH Evening Thoughts:
Why is the second pancake so hard? Everyone, take a look at the second pancake exchange rate; because the exchange rate of the second pancake has risen, that's why the second pancake is hard.
However, I believe that if the first pancake doesn't rise, the second pancake rising by itself is definitely not a good thing. There is a saying in the folk:
Even the last breath of an eagle, it still wants to soar.
I am now very suspicious whether the second pancake is just a brief surge; if the first pancake rises and the second pancake rises along with it, that is normal. Currently, it has reversed: the second pancake rises while the first pancake does not follow and even shows a slight decline, so I am quite worried whether the second pancake is nearing its peak.
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Speaking with images: The second pancake has broken through the hour level range, and the bearish flag pattern has just touched the upper boundary. It has not yet broken through the upper boundary of the flag; the bearish flag remains valid.
When it breaks through the bearish flag, the bearish flag will become invalid. Until it breaks through, there is still a risk of a pullback.
The second pancake should break through 3720 with volume; do not chase long positions on the right side if you fear heights. If it breaks down through 3685 with volume, chase short positions on the right side and set a stop loss.
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If the second pancake breaks through and stabilizes above 3720, continue to look upwards at 3752-3777-3821, and see how long the second pancake can sustain this.
At the 4-hour level, if it breaks below 3677, look down to 3628-3575.
Continuing to look at the chart: The Fibonacci 1:1 upward target position for the second pancake at the hourly level is 3791; could it be that today it needs to hit that target in one go?
The ultimate target position for this trend is 1.618, 3983. I believe that when the second pancake reaches here, there will be a major pullback. There is no trend that keeps rising without a pullback. I think this recent surge in the second pancake may have created a false sense of FOMO for everyone. If you're uncertain, just wait until tomorrow evening when the US stock market opens to make a decision. After all, the price is high now, and you need to be responsible for your funds. Meeting adjourned.