$ETH Evening Thoughts:
Talking through the chart: The current hourly level of 'Er Bing' is forming a rounded top plus cup handle pattern. A cup handle pattern with the opening facing upwards is bearish, while one with the opening facing downwards is bullish. Remember this, everyone.
If 'Er Bing' cannot break through the cup handle pattern and instead breaks down through it, then we will see if the position marked by the yellow box on the right, 3458, can hold; if it can't, it will go down as it came up. The only way to break this deadlock is for 'Er Bing' to break through the cup handle pattern to alleviate the current downward crisis; otherwise, there is no solution.
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If 'Er Bing' breaks through 3569 with volume, go long on the right side; if it breaks down through 3539 with volume, go short on the right side. If it does not break below 3516, do not take a short position. Pay attention to changes in volume and set stop losses properly.
The hourly level of 'Er Bing' should stabilize above 3583, looking upwards at 3637-3699.
If it breaks below 3515 on the 4-hour level, look down at 3452-3422; if 3515 breaks, 'Er Bing' will continue to correct.
Continuing to look at the chart: If this wave of upward movement in 'Er Bing' can continue, we will look at the Fibonacci 1:1 upward target position of 3613; if it goes further, it might reach the 1.618 position near 3700. Let's wait for the US stock market to open tonight! Whether it goes up or down, the answer will be revealed once the liquidity comes in at the US market opening. Meeting adjourned.