#ETH Evening Trend Analysis: The Triangle Has Broken but There's No Volume? Key Points to Watch Tonight!
First, let's look at the hourly chart — the triangle breakout has happened, but have you noticed the volume indicated by the white arrow? To be honest, it’s not impressive at all, this breakout lacks real 'sincerity'.
Next, focus on the 4701 level in the yellow box, which is a small peak after this drop. If we can't even tackle a small peak, how can we expect further increases? We can't rely on wishful thinking, can we?
To put it plainly, it's completely normal for ETH to rise from 3500 to 4800 and then retrace by 500-600 dollars — just like drinking Red Bull, no can would last a month, right? Based on the current trend, tonight we might have to 'draw a door' again, so keep an eye on it.
Tonight's operational anchor point: Volume is key!
- Long signal: A volume breakout above 4650 allows for right-side long positions; if it holds above 4651, we can look towards 4702-4738, but if 4702 can’t break, don’t expect to go too far;
- Short signal: A volume drop below 4621 allows for immediate right-side short positions; if the 4605 level on the 4-hour chart can’t hold and recovers, it could get troublesome, with the first targets being 4562-4502.
There’s also a detail to note: if the 4-hour chart is looking to form a 'double bottom', the 4447 level absolutely cannot be broken; if it is, it’s game over. Moreover, these 5 bullish candles look lively, but the volume is decreasing with each one — can we sustain a rise with shrinking volume? Difficult! If it’s really going to rise, the volume must match the sincerity shown during yesterday's drop.
Lastly, a reminder not to overlook the U.S. retail data at 8:30 tonight; it’s highly likely to cause some fluctuations in the market. I’m definitely waiting for it — if it can create a big drop, it would be perfect to buy back the spot I sold earlier!
