$ETH
From the weekly perspective of Ethereum, after a round of rebound on Monday, the drop was still relatively large. The resistance zone for Ethereum on the weekly chart is around 2780, and the pressure remains significant. If it does not touch this area, it quickly retraces. There is almost no support to bear the downward trend of Ethereum. Compared to Bitcoin, it is still too weak. Perhaps the sector rotation has not yet reached this altcoin leader. However, from the daily and H4 levels, the current retracement can still be an opportunity to establish some long positions around 2520 in anticipation of a rebound. Afterward, we will observe the strength of the rebound. If the cryptocurrency market follows the U.S. stock market and begins to trend downward around the election, I personally recommend focusing all efforts on Bitcoin and altcoins. After all, if 2520 cannot provide support and the rebound is not strong, it would be very disappointing for most traders.
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Bitcoin chose to make a slight false breakout upward after two days of sideways trading over the weekend and then slightly retraced at the weekly close. Currently, this position may not be suitable for patient contract traders; instead, the 68000 area is enticing retail investors who are eager for quick gains, regretting not being on the bus. From the weekly closing perspective, the current three-day decline has merely retraced to the support of the previous two weeks. Observing from the daily chart, the current upward trend is also quite clear and healthy, with the demand for a correction within a safe range. In summary, the current position is still not attractive enough. Personally, I might choose to wait for an entry around 64500-64800 without a correction; I would firmly avoid entering without a retracement. The lowest extreme position would be around 628000-63200, and only if a quick spike occurs and then retracts would I consider adding to the position; otherwise, I will hold patiently.