1.1 Ethereum Thought Reference

Some friends asked me to talk about Ethereum. To be honest, there's not much to say about the current fluctuating market. In a fluctuating market, the approach is to take high shorts and low longs, and set good stop losses. If I must say something, then we can look at the high-level yearly K-line chart where Ethereum also fluctuates similarly to Bitcoin after closing. Many friends are paying attention to the support level around 3300, so let me elaborate. Looking at the four-hour chart, Ethereum surged to around 3450 yesterday before starting to retreat. On the hourly level, we can see the formation of an M double top pattern. The upward pressure within the day can first focus on the three points: 3370/3400/3430. Currently, the market is quite concerned about where Ethereum will go if it breaks below the 3300 mark. I won’t look too far ahead. If it breaks, the lower support of 3230 will definitely need to be tested. Currently, Ethereum's four-hour Bollinger Bands are showing a contracted parallel state, and the MACD is also on a downward opening, nearing the 0-axis with signs of a dead cross forming. As it stands, Ethereum should follow Bitcoin and focus on high shorts. You can choose to short once in the range of 3370-3390. If you're looking for a long, it’s the same old story: wait to see if the 3300 support holds before making any decisions.