12.9 BTC, ETH Evening Analysis: Key Support Has Been Broken, Bears Start to Gain Strength
After two days of consolidation, Ethereum has broken below the support at 3930. Last week's post indicated that 4100 would be under pressure from weekly and monthly indicators, and the likelihood of breaking upwards is low, at least in the short term, because this is a strong resistance area from March and May, as well as the highest point of the upper trend line. As long as you follow the main direction of the post to short, you can reach the target exit. So it is very accurate. Currently, Ethereum's pullback is certainly not over, so it is advisable to focus on shorting at high points. If you decide to go long, it’s best to take profits quickly and wait for the pullback to end before entering again.
From the 4-hour chart of ETH: Ethereum is moving in a wide oscillation of a triangular trend. Before the trend breaks out, the layout should follow the triangular trend. If the market rebounds, first check if the Fibonacci resistance at 3908 can be broken. Once broken, look to short at the highest point of the triangular trend at 3980. This area is also under pressure from the monthly line and is an important resistance level. If it goes down, look at the lowest point of the trend chart at 3780, which is currently the best position for going long. Combining technical indicators, everything looks strongly bearish, so for Ethereum, short at high points and target 3780.
ETH Evening Strategy: Short at 3905-3915, aiming for around 3780!
