8.14 Noon
A Xing is bullish during the noon session
Although the second pancake currently faces some historical selling pressure in the high supply zone of 2021, the technical structure on the 4-hour level is robust, with highs and lows still slowly rising and no obvious signs of damage.
From the ASR channel perspective, the price of the second pancake is fluctuating upward above the orange average resistance band, showing a strong pattern, indicating that market demand is gradually digesting the supply near historical highs. There are signs of a breakout of the average resistance band on the daily level ASR channel—the last similar breakout occurred in early 2024. If this breakout is successful, the daily target may point directly to the overbought line (about 5600 units); of course, there is another possibility, which is a repetition of the 2024 year-end trend, encountering extreme resistance at the upper edge of the orange channel.
Overall, the current situation is positive, and the possibility of the second pancake challenging 6000 dollars in the medium term remains.
Operation suggestions:
• Big pancake: Buy near 121800-122000, target 123500
• Second pancake: Buy near 4690-4730, target 4780$ETH
