11.24 Ethereum's 'White Line' Challenge
The previous wave of Ethereum's white line matched our hypothesis. This time, let's see if it can continue to align with our assumptions if we operate from the perspective of the leveraged lenders.
Hypothesis 1: Either choose the right shoulder pattern of the head and shoulders formation, fake a breakdown near 3300, and then quickly rebound to around 3370-3400, clearing out the high-leverage shorts that chased the critical level.
Hypothesis 2: Or choose a small-scale downtrend of the 'unconventional head and shoulders pattern', solidifying the current bearish sentiment when the small-scale downtrend is established, dropping to around 3160 or 3220, then quickly rebounding to around 3280-3300 to clear out the chasing shorts.
After clearing out the chasing shorts, drop below 3000, oscillate downward, and then approach 2800 to form support and consolidate.
The difficulty of the white line challenge is extremely high, for reference only, do not treat it as a high-probability event or a certainty.
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