8.28 Midday ETH Perspective: Consolidation Phase, Look for Short Position Rhythm!
Recently, ETH's trend has been similar to Bitcoin, with repeated spikes and false breakouts, clearly indicating the main force's intention to wash out positions, but the overall trend has not yet reversed.
From the 1-hour chart, after the price fell back to around 4403.01, it peaked and then retraced, entering a consolidation phase. Currently, under a bullish trend, signs of a fourth wave correction are brewing. In terms of operations, focus on the resistance area, waiting for the price to rebound to the 4550 - 4580 range to set up short positions.
Short ETH at 4550 - 4580, set stop loss at 4600, first target at 4480, if effectively broken, can look down to 4450.
