$ETH Idea:
Speaking with images: The yellow downward trend line suppressing Ethereum has already been broken. What should you do when a trend line is broken? Please tell me, shouldn't you go long? Even if you don't go long, you shouldn't go short, right? If the trend line has been broken and you still short, aren't you being foolish? Currently, Ethereum has reached the resistance level of 4232 and is facing resistance. As long as the pullback does not break this yellow trend line, your long positions are safe, and you can look up towards 4370.
If you don't have long positions, you can wait for Ethereum to retest this yellow trend line on the left side and enter with a light position. If a lower low appears, just exit!
Is this difficult? Remember, stop loss is the cost of trading. If you are too afraid to invest even the cost, how can you trade well? Don't think you can make money with zero cost; that's just a dream.
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Ethereum breaks the 4234 level with volume, go long on the right side; if it breaks 4201 with volume, go short on the right side. Pay attention to changes in volume and set proper stop losses.
Ethereum has broken the 4250 level on the hourly chart, looking up to 4297-4339; breaking 4297 means 4300 is coming.
On the 4-hour chart, if it breaks below 4154, look down to 4063-4010. Breaking 4154 indicates that the pullback is not over and will need to retest the 4063 level.
Continuing with the chart: Ethereum on the 4-hour level has already retested the Fibonacci 1:1 retracement target and has also returned above the 1:1 retracement target, which is what's commonly referred to as a false breakdown. If it can stabilize above the 1:1 retracement target, we can expect a move up towards 61.8 and 50 levels. As for whether the lower 1.618 level can be touched, it depends on whether Powell's speech on Friday will cause panic in the market. If there is panic, it might dip to around 3880 before recovering. If there is no panic, this level might be hard to see in the near term. If we really get to the 3880 level, I think it would be a good position to buy spot and long-term contracts; the cost-performance ratio is quite high. Whether to buy or not is up to you, but I'm just saying, don’t be too rigid with your positions; give yourself some leeway. Meeting adjourned.
