Today's Market Analysis (October 22):
Yesterday, Ethereum surged to 2770 and began a continuous decline, with 7 consecutive bearish candles on the 4-hour chart, suspected to be the result of insiders unloading. It dipped down to 2613, a drop of 160 points. Subsequently, there was no rebound and it failed to recover the lost ground. Currently, it has reached the resistance level near 2650 and is starting to fluctuate.

Li Chen believes that during the late night phase of the market, it is still likely to drop. If it continues to break downward, panic will spread, and the aimless bulls can only be slaughtered. One can look at past trends; there has not been a single week where the trend was the same as last week, oscillating at high levels for an entire week.

As the saying goes, prolonged stagnation must lead to a drop. Moreover, with Ethereum reaching such high levels, major institutions are also waiting to unload in batches. Many people only chase highs and sell lows, leaving retail investors standing guard at high positions. Some say the last time they went long, they got stuck at 69000, and now they have just broken even. It feels as if time has turned back to that moment at 69000 when they wanted to go long, but they no longer possess the same courage as before, with the boldness of repeatedly entering and exiting.

Ethereum Short Strategy: Short near 2677-2707.
First tier 2617-2647, second tier looking at 2557-2587. #ETH🔥🔥🔥🔥 #大盘走势