$ETH Evening Thoughts:
There’s not much to say about Ethereum, the new high that everyone has been looking forward to has been broken. I wonder if anyone saw the moment Ethereum broke the new high and jumped in to buy; if so, I can only say that young people are indeed young and still a bit impulsive.
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Talking through the chart: Ethereum is currently oscillating in the 4851-4664 range on the hourly level, and it has broken below the midpoint of this range. If it can break through the midpoint of the range, we can look at the upper boundary of the range. If it breaks below the range, Ethereum will also see a pullback. As long as it does not fall below the opening price of the bullish candle indicated by the white arrow, there’s nothing to worry about.
Currently, it seems that Ethereum wants to break through the midpoint of the range is not too easy, as today is Saturday and there’s no liquidity.
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Ethereum should break through 4750 with volume on the right side to chase the rebound, and if it falls below 4711 with volume, then short on the right side. Pay attention to changes in trading volume and set stop losses properly.
Ethereum needs to hold above 4753 to look up at 4794-4847; not being able to get above 4753 is of no use.
On the 4-hour level, if it breaks below 4662, we look down to 4609-4538. If it breaks below 4662 and cannot quickly recover, Ethereum will have to correct.
Continuing to look at the chart: After Ethereum broke the new high on the weekly level, it did not continue to rise, which is a very dangerous signal. If it returns to normal working days and cannot break through 4888 again and extend the rise, there is a high probability that this will become the top of Ethereum on the weekly level. In fact, I admire Ethereum for being able to hold its ground even when it has gained momentum; it truly has control over its movements, and I genuinely admire that. Meeting adjourned.