About Ethereum's Callback Target

From the ETH/BTC exchange rate perspective, ETH/BTC has been capped by a long-term supply line above, resulting in a pullback, and it has already broken below the medium-term trend line. Therefore, it is possible that it will pull back to the short-term support level of 0.036 shown in the chart.

If Bitcoin pulls back to 96000, Ethereum may correspondingly pull back to 96000*0.036=3456, which happens to be located within the concentrated liquidation range.

From the perspective of Wave Theory, since April 9, Ethereum has likely been following a standard five-wave impulsive wave structure, and it is now entering the fourth wave adjustment phase. The fourth wave pulling back to 3500 corresponds to the 0.382 retracement level of the third wave, which is a relatively normal pullback amplitude. Previously, the pullback amplitude of the second wave was also the 0.382 retracement level of the first wave.

Therefore, in summary, the probability of Ethereum pulling back to the concentrated liquidation range of 3400-3500 is still quite significant.