ETHReview our Ethereum strategy yesterday. When it stabilized at 3000, we still went long. The highest intraday price reached 3168, with a profit of more than 100 points. In the short term, we have already gained a large profit. It has now fallen back to above 3100. The overall trend of Ethereum is weaker than that of Bitcoin. It is not suitable to chase the rise and sell the fall.
At present, the situation of Ethereum is still embarrassing. When the ETF smashes the market, Ethereum will fall in tandem. When the ETF shows demand for Bitcoin, the demand for Ethereum cannot keep up, resulting in a rise far less than that of Bitcoin. Before the Ethereum ETF is passed, if Ethereum does not have an independent narrative, it will continue to be weaker than Bitcoin in the medium term.
In terms of exchange rate, it fell by 1.5% today and is currently running around 0.049. Previously, when the market fell, Ethereum and Shanzhai showed resilience, but when the market rose, the demand could not keep up, and it was easy to follow the fall but not the rise. In this case, it is still mainly spot, and the contract must wait until it strengthens before considering choosing Ethereum.
At the current point, the upper short-term resistance is 3200 3400,
The short-term support below is 3100 2800,
In terms of operation, pay attention to the big cake stepping back to around 3100, which corresponds to the downward trend line of the market. If the stepping back can stabilize at 3100, you can go long with the trend, and the target is around 3200