$ETH Evening Thoughts:
Bitcoin is $2000 away from its previous high, while Ethereum is $2000 away from reaching a new high. Doesn't this sound a bit ironic? It feels a bit off. When you look at Ethereum's hourly chart, it goes up and down, up and down. Are you tired yet? Either you go up, or you come down; what are you doing! When it rises, the hourly chart has several consecutive green candles, and when it falls, it also has several consecutive red candles.
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Let’s talk about the chart: Ethereum's hourly chart is likely forming an M-top pattern. If Ethereum breaks below the neckline at 2466 on the hourly chart, the M-top will be confirmed, and it will start to move downward.
If Ethereum breaks through 2530 with volume, you can enter long positions on the right side and take profits quickly. If it breaks below 2518 with volume, you can enter short positions on the right side, and make sure to set stop losses.
Ethereum needs to break through 2548 on the hourly chart to see the upper target levels of 2590-2625, but it looks a bit challenging at the moment.
On the 4-hour chart, if it breaks below 2480, the correction officially starts, targeting 2436-2361. Ethereum currently has the intention but lacks the strength.
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Continuing to look at the chart: The candlestick indicated by the white arrow on the 4-hour chart has a long upper shadow, suggesting a potential double top.
Why do I say this: After all, Bitcoin has already risen by $3000 from yesterday to now, while Ethereum hasn't even managed to hold above 2600, which raises doubts. If you can't understand the current market situation, don't force yourself to open positions; only trade in markets you can comprehend. Meeting adjourned.