$ETH Evening Thoughts:
Talking through the charts: The second contract on the hourly level looks like a bullish flag but has been pushed back down. The white breakout was laborious, and if it can return to the upper boundary of the flag formation, it will stop declining on the hourly level. Whether the two needles pointed by the white arrow are the bottom is uncertain, but the second downward spike broke the previous low and created a new lower low. If the next downward spike does not break the low of 2870, it might be a short-term bottom. If it breaks, it is not a bottom yet. In the current sideways oscillation market, there isn't much to interpret.
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The second contract should break through 2932 with volume to go long on the right side, while breaking below 2910 with volume to go short on the right side; pay attention to changes in volume and manage your stop losses well.
If the second contract stabilizes above 2951, look up to 2996-3025.
On the 4-hour level, breaking below 2914 looks down to 2857-2810; if it breaks below 2857, a new lower point will continue to decline.
Continuing to look at the charts:
According to the Fibonacci on the hourly level, the target position for this drop at 1:1 has already been provided. Whether it can touch 1.618 depends on whether the previous low of 2870 will be broken. If it doesn't break, there's no issue; if it breaks, it must touch the position around 2797 at 1.618.
Tonight at 9:30, non-farm payroll data will be released. Students should pay attention to short-term volatility. If you cannot bear the volatility brought by the non-farm payroll data, do not open positions. Wait for the US stock market to stabilize after midnight before opening positions; then we can adjourn.
