December 31 Midday Thoughts:

After experiencing a thrilling and dramatic washout last night, the market has once again retreated to familiar bottom areas. From today’s smaller scale market movements, there appears to be a certain demand for a short-term rebound. However, the path for a rebound upwards is fraught with challenges, with pressure points at 93000, 94033, and 95079 being the key levels. If the rebound fails to successfully break through these key pressure points, the market is likely to continue its previous downward trend and seek further support. The potential support levels below are sequentially 91500, 90286, and 88857. It must be acknowledged that the overall rebound momentum of Bitcoin is relatively weak at present, and the market has been trapped in a downward spiral of fluctuations for several weeks. Therefore, for intraday trades, it is advised that investors remain cautious and try to avoid excessive positions to mitigate risks from sudden market reversals.

As for Ethereum, it is currently in a four-hour level consolidation pattern. The bottom of its horizontal range has solid support at around 3302, while the upper pressure is near 3445, with the current price oscillating back and forth within this range. Further breaking it down, the pressure points within the range are concentrated at 3363 and 3383. If Ethereum fails to effectively break through these two pressure points during the rebound, the market is likely to continue its descent towards the support level of 3302. Once this support level is broken, subsequent downward target levels may extend to 3220, 3104, and 3038. Conversely, if Ethereum can successfully break through the key point of 3383 during a minor rebound, the strength of the rebound is expected to further increase, focusing upper pressure again on the line of 3445. Only when the price successfully breaks through this key pressure point of 3445 can Ethereum’s market possibly experience a true reversal.

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