ETH and Bitcoin fell back during the day, reaching a minimum of around 3070, falling more than 200 points from yesterday's high of 3294. The overall decline is large, and it is still running above 3100. The overall retracement is acceptable. The focus will be on whether 3100 will be effectively broken in the future, and risk control needs to be done around 3100.
We mentioned earlier that in the previous big drop, whales have increased their positions in Ethereum, and the overall average price is above 3000, so the 3000-3100 range has certain support. At present, the overall trend of Ethereum is not weaker than Bitcoin, and it is mainly linked, but there is no oversold situation, but there is a certain rebound. Then the linked decline is an opportunity, there is no need to panic, and the spot is boldly laid out. Futures need to verify the support or follow up after a large volume increase.
In terms of exchange rate, there is not much fluctuation today, and it is still running at 0.0049 Nearby, as long as the exchange rate can be stabilized at the current position, it is relatively strong for Ethereum. The altcoin has been silent for too long, and the main players have accumulated enough chips. In the decline, the spot market is boldly deployed, and the opportunities are greater than the risks. The exchange rate is still around 0.05. If it breaks through 0.05, Ethereum may lead the altcoin to have a wave of altcoin season opportunities.
At the current point, the short-term focus below is 3100 3000,
The short-term resistance above is 3300 3400
In terms of operation, the stabilization idea focuses on whether 3100 can hold up. In the case of stabilization, you can try to go long. Pay attention to the area around 3050 for low-absorption below, and risk control below 3000. If it falls below 3000, no longer go long in the short term