ETH surged and then fell back, long positions are at risk! Focus on the key level of 2650!
Today's price action is quite sluggish, ETH surged to around 2680 in the early morning,
but couldn't hold and was slammed back down, now it's hovering around 2600.
2650-2700 is where the most long positions are at risk of liquidation, just when it pushes up it’s hit back down, a typical liquidity sweep.
How to operate?
For a short-term bounce around 2630-2650, consider lightly shorting, targeting 2550 first.
Support below is at 2500-2550, if it drops down, you can start to accumulate for long positions in batches.
Don't forget the stop losses: set the stop loss for shorts above 2700, and for longs below 2480.
During the day, be aware of sudden news and the pre-market sentiment of U.S. stocks, volatility may suddenly increase,
don't go all in, reasonable position control is key.
