Let's talk about Ethereum

To sum up, last night Ethereum and Bitcoin had a role reversal. Recently, Ethereum's upgrades have been favorable, and there is a strong bullish sentiment in the market towards Ethereum, leading to a cycle of favorable conditions being fully realized. These emotions have caused Ethereum to withdraw funds from various cryptocurrencies, resulting in last night's situation where Ethereum drove the market. In fact, the current upward trend of Ethereum is nearing its end, (as mentioned last night, Bitcoin still has some upward movement before nearing its peak) and it seems appropriate to focus on Ethereum now. This is not a true role reversal, it's 'holding to death.' For those who are bullish, I maintain a cautious reduction stance. I believe that we will soon face a liquidation from the 'Kongfang' (an entity or group in trading).

On the contrary, the main market is stable as a mountain, with no structural damage; we must first focus on Ethereum.

Looking at the chart below, the daily price is currently about to touch the neckline before reversing. If it is to continue to dominate, the range of 2785-2820 is the first line of defense for the bulls. Currently, the market's funds are insufficient to support reaching such prices, at least not before interest rate cuts.

So, if it can't rise, the risk of a pullback is something we need to pay attention to. The area around 2400 has support and the neckline resonates well, so the first signal for a pullback will be to watch for a break below this level.

Short-term opportunity 1 hour

After the 1-hour price fell back from the white盘 (day session), it reached the 2580 area where support and resistance swap. If it doesn't fall below, it indicates effective support and naturally leads to a rebound. Currently, the volume below is diverging and not gathering, so the bullish rebound strength is not strong enough. Continue to watch for a breakout dynamic at 2640-2660, while 2580 remains as short-term support. After confirming a break below, we look directly at 2480-2450.