#ETH

The hourly chart has broken a key level abc, moving towards the previously mentioned support near 3830, which is the convergence point of the double lines on the weekly chart. This can serve as a resonance level. The position near 3830 cannot be broken; if it is broken, the space is gone. Currently, it appears that the hourly cc1 has quickly recovered after breaking -100. The upper boundary forms the space of the box around 3830, with the middle track around 3950, and the upper boundary around 4080. There is a short-term need for correction, and the aforementioned three points can be looked at in order, leaving a buffer space for risk control at the previous low. This trade will definitely be worth it; if 4100 breaks, it will be a historical high, no doubt about it. There are currently no signs of an end to the weekly level A structure.

From the CM perspective, the long positions established around 3830 must either stop loss and exit or have their profits retraced completely. The sell-off has been quite brutal, just like the recent drastic drop in the counterfeit market, with blood flowing like a river. However, this is a market of billions, and a single flower does not signify spring. I believe that after tonight's interest rate decision, Bitcoin will start to weaken against Ethereum, marking the true beginning of the counterfeit season.