12.15 Ethereum Market Analysis #ETH
This weekend can be described as quite terrible, at least for me.
Since noon yesterday, I sensed that something was off, and my market intuition was quite accurate, leading me to warn everyone about the risk of a pullback in advance.
⭐Special Task Force⭐ also took short positions to earn some extra change (it's not advisable to short during a bull market; we should not short just because we are bearish, and bad habits should not be learned), taking short positions is indeed a very helpless move, as we all currently hold varying amounts of spot, and everyone hopes the market stabilizes and moves upward. So, indeed, it's a helpless move, and everyone should not follow this example!
Now, let's return to the topic at hand regarding my outlook on Ethereum ETH for the next few days:
As shown in the chart:
Ethereum has been unable to officially break through 3950 for three consecutive days. We have noticed that the bearish OB test clearly indicates a refusal to distribute, continuing a downward trend.
Currently, on the other hand, we also observe that ETH is at a bullish testing level of 3700-3800, where everyone can see it bounced effectively at 3820 over the past two days. However, the rebound is relatively weak, and we will continue to observe whether it can establish a temporary support at this level to accumulate before moving upwards.
If it cannot form effective support, it may head towards around 3500 for a bottom test!
Personal suggestion: Observe more, act less, avoid contracts, keep spot unchanged, leave enough backup positions, and wait patiently for the bottom buying opportunity!