$ETH Evening Thoughts:
Er Bing can only be described in one word: too fierce. When Er Bing goes crazy, there’s no concern for imitation. Based on Er Bing's current trend, the imitation season may still have a chance; I hope Er Bing can maintain the pace.
👒
Let’s talk through the chart: If Er Bing can remain above 3872 at the hourly level, or directly break through the upper boundary of the horn shape and operate at that boundary, it won't follow the horn shape. Er Bing swaying at this indecisive position is a bit scary; if it breaks below 3741, it must go to the lower boundary of the horn shape and test it.
That would lead to a high hanging return, making it not so easy to come back up. Hopefully, Er Bing won’t go that way.
Er Bing breaks through 3908 with volume, and aggressive buyers can chase long positions on the right; if it breaks down with volume at 3888, short positions can be chased on the right. Pay attention to changes in volume and set good stop-losses.
👒
If Er Bing stabilizes above 3908 at the hourly level, look upward at 3949-3992. As long as it holds above 3908, reaching 4000 is just around the corner.
At the 4-hour level, if it breaks below 3876, look downward at 3805-3761; as long as it doesn't break below 3805, everything is negotiable.
Continuing to look at the chart: If Er Bing can retest the 38.2 Fibonacci level, moving into a consolidation phase to build up strength before pushing upwards is much better than charging directly upward now. If it charges directly up, it might just touch 4000 and then come down. Going through a consolidation before the push is like giving Er Bing a halftime break; after a good rest, it might run further and with more energy. Meeting adjourned.