This week's trading ideas
Since there hasn't been a further drop below 104,000, it's uncertain whether there will be another short-term rebound around or slightly above 106,500. However, it can be confirmed that even if there is another rebound here, it is likely to be the last 15-minute level rebound. Overall, the fifth wave of the 1-hour level decline is about to begin, with a target to watch around 100,000. A break below will look for a spike in the 95,000 to 100,000 range.
The overall correction of Ethereum has not ended. Some people say, "Why did Ethereum suddenly become strong today?" It didn't become strong; rather, it was supposed to rebound but couldn't for a long time, and then just when the rebound was about to happen, it surged up all at once. In our article on June 1st, we actually clearly mentioned that Ethereum's 1-hour rebound target is 2,600 to 2,620.
This phenomenon may continue to occur in the future: during a certain period of bullish market, Bitcoin and Ethereum rise in sync, with Bitcoin rebounding to the expected target first, while Ethereum lags behind. You might think Ethereum is weak, but then it quickly rises, reaching the target in just a few hours or even a little more than ten hours, as a few large bullish candles appear. The same goes for decline; you might think that a short-term rise has been significant, and Ethereum's correction shouldn't drop too much at once. However, while Bitcoin hasn’t dropped much, Ethereum can drop to the expected level in minutes.
Now, let's look at the overall trend direction:
Weekly level: direction is up, currently in a new weekly level uptrend, with an overall target above 150,000.
Daily level: direction is up, currently in a daily level rebound, with a target for this daily uptrend around 120,000 to 130,000.
4-hour level: direction is down, currently in a 4-hour level correction, overall first focus on the area around 100,000.
1-hour level: direction is down, about to enter the fifth wave of the 1-hour decline, pay attention to the strength.
15-minute level: direction is up, first focus on whether 104,000 can be broken, prepare for a possible another surge.
Finally, the trading suggestion is to short at 10.65-10.75, with a stop loss at 109k
