ETH was hit by a market crash in the US stock market last night, and the Nasdaq fell below the key position of 18,000. However, the retracement of digital currencies was limited, mainly for two reasons:
First, the Ethereum ETF will be officially traded next Tuesday, and this positive factor has played a stimulating role. After the launch of the Bitcoin ETF, it rose from 48,000 to 70,000+, so Ethereum is expected to be hyped. But once it is over-hyped in advance, it is likely to be hit after the official launch.
Second, there is a serious divergence between the cryptocurrency market and the US stock market. The US stock market continues to set new highs, while the cryptocurrency market has fallen in advance due to the impact of the German selling pressure and the expected selling pressure in Mentougou. This divergence led to a rapid repair of the cryptocurrency market, and Bitcoin and Ethereum did not fall below the 2h Bollinger key support, which facilitated a rapid repair.
Analyzing Ethereum from the perspective of trend lines and harmonics, you can consider splitting positions to take more during the retracement, breaking the line to stop loss, and splitting positions to stop profit near the 886 perfect bat and 113 bat.
