Rebound, not reversal; the pullback is not yet in place, and we need to treat it with caution!

Ethereum has formed a double top at 4100 and is currently undergoing a pullback. Looking at the daily chart, it tested the lower support yesterday, which is still open and has not yet closed, continuing to point downward. Today is Friday, and it is now a foregone conclusion that a large bearish candle will form on the weekly chart. The MACD bullish momentum continues to shrink, showing a top divergence, while the KDJ has crossed down and continues to plunge. Therefore, in terms of the overall direction and trend, we should primarily focus on short positions, as the pullback is not yet over. The support sketch drawn on the daily chart yesterday remains effective and can be used as a reference!

With the overall direction confirmed, we need to look for intraday short-term resistance levels. The 4-hour Bollinger Bands are pressing down, and the middle band is resisting at 3380, which is still far off, so we can temporarily ignore it and focus on the hourly chart. The rebound of Ethereum is slightly weaker compared to Bitcoin; currently, it is under pressure from the middle band of the hourly Bollinger Bands. After rebounding from 3156 to around 3250, it has already rebounded by 100 points. Intraday, pay attention to the upper pressure at 3330, and then the 4-hour middle band resistance at 3380. This is the pressure area we need to watch for short positions, and it's also where long positions should consider reducing their holdings or taking profits.

For those who are stuck in long positions, there's no need to rush; victory belongs to the bulls; it's just a pullback. A takeoff during the Spring Festival is inevitable. Right now, we are just picking people up on the way back, and the car is too heavy, hence the cleaning of the bulls. Short-term long traders should definitely reduce positions in batches and then set a break-even stop loss because the pullback has not ended! If you're deeply trapped, it means your obsession is too strong; don’t casually add to your position. Make sure that the forced liquidation is safe enough. As long as the long positions hold, they will definitely go up significantly, provided you pay attention to forced liquidation, keep your composure, and don't fall before dawn! For Ethereum, pay attention to the support around 3100 and 3000. If it breaks below 3000, the lower supports will be 2820 and 2720. Theoretically, as long as Ethereum's long positions are forced to liquidate below 2700, it is considered safe!

Finally, if everyone continues to participate and interact, showing me that I'm not fighting alone, I will share my views on Solana next. This is another cryptocurrency I am optimistic about and often participate in! I think it has enormous potential!