The previous article mentioned the false breakout at high levels, which ultimately combined with negative news, breaking below 2700, and the short-term bulls’ hope of attacking 3000 has to be set aside for now. Additionally, after the bulls' weak performance at high levels, there was a rapid drop during the day. The gains of several days were almost reversed in just one day and night.
It can be clearly seen that retail investors and bulls have encountered a stampede in the short-term panic selling of ETH. The stronger the previous buying, the smoother the collapse.
The large-scale ETH is still in an upward channel, although it was not expected to pull back so quickly. However, there is indeed a considerable accumulation of buying power near the lower edge support.
Small-scale oversold rebound, with a significant decrease in volume. Waiting for the evening US stock market time to continue to increase in volume. Observing if there is significant price action again near 2450.
Several Positions to Pay Attention To
Support Position
First Position 2450-2480
Second Position 2350-2380
Third Position 2310-2320
Resistance Position
First Position 2550 (currently testing)
Second Position 2580-2600
Third Position 2640-2650
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