Ethereum's Dilemma and Breakthrough Hypothesis: On-chain Turmoil and Technical Game
In the face of meme coins mocking Ethereum emerging on-chain, there is an underlying expectation amidst the market's ridicule: could this become the catalyst for Ethereum's price rebound?
Market trends indicate that although Ethereum briefly touched the previous high of 1688 USD yesterday, it failed to form an effective upward attack, with the rise being short-lived.
Currently, Ethereum's price is trapped at the end of a converging triangle channel, with the bull-bear game entering a heated stage.
From a technical perspective, the direction of the breakout is about to be revealed: an upward breakout may open up a new round of rising space, while a downward breakthrough faces risks.
Based on swing trading strategies, I have positioned long orders at 1619 USD, with a short-term target set at the previous high area, and will flexibly adjust the take-profit levels in conjunction with real-time market conditions.
