🔴｜Priority Strategy Under Fluctuations in ETH Consolidation Area
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ETH is currently fluctuating within the consolidation area between 3750 and 3500. Until it breaks out of this consolidation area, our priority strategy remains to sell high and buy low; the closer it gets to the upper boundary resistance of the consolidation area, the more we sell; the closer it gets to the lower boundary support, the more we buy.
ETH is currently testing the resistance level of 3750 for the fourth time.
It is still a good opportunity to short here with a favorable risk-reward ratio; previously, there were two successful short positions here that yielded a profit of one hundred points, with a stop loss of 20 points.
At the same time, there is a strong support at 3650 indicated by the 1-hour Vegas channel, and this position is also a resistance-support swap level. Those who are shorting near 3750 can temporarily target a take profit near 3650, with a stop loss at 3774.
For those who do not want to short against the larger cycle trend, buying can be considered near the lower boundary support at around 3520.
No trades should be made at indecisive levels in between.