How to analyze ETH's trend today?

Yesterday, Mr. Chen mentioned going short on Ethereum around 2680.

It peaked at 2679.8,

which was 0.2 points off from Mr. Chen's expectations.

Today, let's take another look at Ethereum. First, from the on-chain funds, Ethereum's proportion has recently been significantly higher than BTC, and BlackRock has continued to increase its holdings of ETH since May, indicating that this giant is relatively optimistic. If ETH can break through 2800 this month, then altcoins will also see a small wave of rebound.

Looking at today's intraday performance of Ethereum, the buy orders at 2600 have remained very strong, and the 4-hour chart shows a bullish candle. The first resistance at the top is around 2625, but the peak has not completely formed, indicating that the bulls remain strong.

If there is a pullback during the day, and the price reaches yesterday's low point of 2594, this is also a strong support at the 20-day moving average on the daily chart. Meanwhile, the upper band of the Bollinger Bands is expanding, which indicates that the market is still leaning towards the breakout without a turning point. The long positions at 2600 are valid.

The second resistance level today is around 2660, so the current short-term intraday trend is mainly leaning towards low buying.

Of course, Mr. Chen is looking forward to Ethereum breaking above 2700 in the short term.

In terms of dimensions, BTC is relatively weak. The previous high point of BTC around 106500 is also a strong resistance this week, and it is following the pullback. However, there has been continuous support below, preventing a deep drop. Therefore, in the short term, for BTC, we can consider participating in long positions as long as it does not break below around 104500.