Hello everyone, I am Qi He. Today, the one-hour K-line chart of ETH makes people feel uneasy, struggling around the price of $2804, with the MACD indicator forming a death cross downwards, and the trading volume is still insufficient, clearly indicating that the downward trend hasn't stopped! Many fans ask me: will ETH first rush to the resistance level of 2855 tonight, or will it directly drop to the support level of 2720? With 5 years of analyst experience, Qi He will help you clear the fog!
News: double killing of long and short, retail investors shouldn't be treated as chives!
Qi He checked the data, and this whale is no ordinary person: before the big drop, they shorted and made $910,000, then doubled down and bet $56 million long! What does this indicate? The big player may think ETH is oversold and wants to bet on a rebound. But retail investors mustn't follow blindly! Whales have large positions and can withstand volatility; can you? Historical experience shows that this kind of 'double killing' often accompanies violent fluctuations, just like before last year's LUNA incident, whales first shorted and then went long, resulting in retail investors being tragically trapped.
Technical analysis: bears have the upper hand, but a hidden rebound powder keg is lurking.
From the hourly chart, ETH looks like a truck struggling to climb. After the MACD broke below the 0 axis and confirmed the 'death cross', it indicates that the bears are still gaining strength. The upper levels of 2855 and 2930 are two high-pressure lines, and it is difficult to break through without significant good news; the lower level of 2720 is short-term support, and if it breaks, 2620 is the real bottom. But note! The K-line trading volume is insufficient, indicating that the drop is a bit 'hollow'. Once the whales lead the buying, the rebound may ignite instantly. Look, there are already large orders lurking around 2804 in the order area.
Qi He's personal opinion:
Tonight, ETH is likely to test the support at 2720 first. If it can't hold, it will see 2620! But after the whales buy at the bottom, if the trading volume suddenly increases, it may quickly rebound and test the resistance at 2855. Remember, the market won't move in one go; after a significant drop, there will be a rebound, and after a significant rise, there will be a correction.
Follow Qi He, + chat room! Let's seize every money-making window together! Qi He's chat room: 1169002310
If you are not clear about the specific points, you can follow Qi He, who will remind my friends who have followed me in real-time 24 hours a day. Remember: make money within your understanding, don't be bound by market emotions. Every day, I will use practical charts to help you avoid the pitfalls in the crypto world.
