Personal Opinion on the Current Trend of ETH

Currently, the strong resistance position at ETH 3550, as mentioned by Brother Niu yesterday, was directly pushed down once it approached the 3500 area, indicating that the selling pressure at this position is too heavy.

From the Bollinger Bands indicator perspective, at the daily level, the position at 3550 is close to the upper band. When the price touched this area yesterday, it fell back under the pressure of the upper band, indicating strong selling pressure above. However, according to the four-hour trend, it is still in an upward channel, and this position needs to adjust a bit, utilizing fluctuations to digest the selling pressure above. Once the selling pressure at this 3550 position is digested, it will slowly rise above 3600. In the four-hour Bollinger Bands indicator, the current price is between the middle band and the upper band, overall in an upward channel. The 3550 position corresponds to the upper band of the four-hour Bollinger Bands, and it needs to oscillate between the middle band and the upper band to digest the pressure from the upper band. When the price can steadily break through the upper band of the four-hour Bollinger Bands and the bands widen upward, the price is expected to gradually rise above 4000.

Currently, Brother Niu plans to enter a long position at the 3385-3405 area, which is a strong support level on the four-hour chart. If this position breaks down, it will fall to 3250, and we will set our stop loss at 3360, with a short-term target looking at 3600.

In the four-hour Bollinger Bands indicator, the 3405 position is close to the middle band and is a strong support area. If the price breaks below the middle band (3405), the lower band may be around 3250, so a stop loss should be set at 3370. From the perspective of the amplitude of the Bollinger Bands channel, when the price starts to rise from around 3405, there is a short-term expectation to reach the 3600 position corresponding to the upper band of the Bollinger Bands.