10-20 Ethereum Analysis：

From a daily chart perspective, Ethereum has formed an M-top structure and has now broken below the neckline, as well as the daily double bottom support at 3550. Looking at Ethereum from the lower range, I believe the lower range is an accumulation zone, thus the upper edge of the range is a strong support at 2830. However, this position is a prediction and a relatively pessimistic view.

The second chart shows an accumulation range of Bitcoin from years ago. After breaking the range, it followed a 1:1 range pattern and later retested the upper edge support of the lower range. Why do I hold a pessimistic view on Ethereum retracing so much? The current Ethereum movement is quite similar to that of Bitcoin back in the days. Whether it will retest that level, I am not sure; overall, it still depends on the big brother Bitcoin.

What I mentioned above is just some views on contracts. From a spot perspective, I wouldn’t think about waiting until it reaches 2830 to buy all the chips. In the spot market, I would only place orders in batches; when it falls to certain support levels, I would start to layout in batches. A spike and rebound is just a momentary event; it’s unrealistic to think about buying all chips at the tip of a spike.