$ETH Evening Thoughts:
Looking at the chart: If you think Bitcoin is hard to play now, then look at Ethereum, which is 100 times harder to play than Bitcoin.
I was saying the day before yesterday: Ethereum is really tough; Bitcoin has already filled the gap below, while Ethereum hasn't even touched the gap.
Today, Ethereum directly sewed up the gap below perfectly and clearly.
The flag pattern drawn on the Ethereum chart has also been broken; now the lower boundary of the flag is the resistance level for Ethereum, corresponding to a price of 2760. If it can bounce back and run inside the flag again, Ethereum will temporarily stop falling and move within the flag to consolidate before choosing a direction again.
If it cannot return inside the flag and breaks below 2683, then we will continue to look down to the position of 2610! Having dropped so much, logically there should be a wave of rebound or a consolidation continuation, but it just doesn't play by the rules; what can you do? So, the scariest thing is a drop without negative news. When there is negative news, it may drop sometimes, but when there is no news, who knows how low it can go?
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For Ethereum, break through 2713 with volume and pursue long positions on the right side; if it breaks below 2680 with volume, pursue short positions on the right side. Pay attention to changes in volume,
Set stop-losses and treat it with light positions.
If Ethereum stabilizes at 2750 on the hourly chart, look upwards at 2801-2833; if it can't get above 2750, don't look up.
On the 4-hour level, if it breaks below 2676, look down to 2602-2559; if it breaks 2676, you will see even lower lows again.
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Continuing to look at the chart: On the daily level for Ethereum, if the actual closing price cannot stay above 2789 in the next 3 days, the upward trend marked by the white box will be declared over. Look at the left-side yellow arrow; it was only after breaking 2789 that the yellow box's rise occurred. Because it broke below 2789, the red box's decline emerged. You tell me, if 2789 is broken, isn't it scary?
The positions marked by the red box are all within the range Ethereum can drop.
So you tell me, is it scary? Therefore, I only have a good outlook on Bitcoin in cryptocurrency; Ethereum is no different from altcoins except that its volume is slightly larger than that of altcoins, and the rest is basically no different. Meeting adjourned.
