The price of the large pancake has now dropped to a low near 96000, within the range of 94000 - 96000. This range constitutes a fairly strong support force at this stage. Next, we will see if this range can stabilize successfully.
The 96000 level has been touched. From an intraday perspective, we should first closely monitor the support situation in this range, and then look for target resistance levels during the rebound process. Given the current market conditions, the upper resistance level can be focused on the range of 100000 - 102000.
The rebound of ETH yesterday was relatively weak, merely rising slightly above 3700 before retreating again, failing to reach the 3800 level. This pullback directly dropped to just above 3300.
Although the intervention timing yesterday was somewhat early, during this round of decline, altcoins did not follow the downward trend. It can be said that the decline in altcoin prices has been relatively limited, showing a trend of gradually easing downward. Therefore, relative to the current support position of the second pancake, we can refer to the range of 3260 - 3320, where this support level has been touched once in the intraday perspective.
In the intraday perspective, we first focus on the resistance level in the range of 3600 - 3800. As for whether we will subsequently initiate an overall rebound or a stronger trend that will drive market activity, we still need to pay attention to whether the second pancake can stabilize again at 3800 and successfully open up upper space.
