$ETH Evening Thoughts:
Looking at the chart: The second pancake has successfully broken out of the consolidation box and has stabilized. The current resistance faced by the second pancake is 3017; breaking through 3017 is necessary to look up to 3063 and higher positions.
Once 3063, the previous high, is broken, it will naturally break through the left yellow arrow pointing to this needle, which indicates the previous high. If it breaks the previous high and forms a higher high, and the pullback does not create a lower low, then what are we waiting for? If the second pancake wants to pull back, as long as it doesn't fall back into the box, nothing will happen. Falling back into the box will lead to a retest of the 2936 position. If 2936 is broken, the bullish trend outlined by the large yellow box will be damaged. Once this bullish trend is damaged, the second pancake will seek stronger support to choose a new direction. This is not the trend I want to see; such movement would be very nauseating 🤢.
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For the second pancake, break the 3001 with volume to chase long, and break 2980 with volume to chase short. Pay attention to changes in volume and set appropriate stop losses.
The second pancake is stabilizing above 3017 on the hourly level, looking up to 3058-3107. Breaking 3017 is the second pancake's true takeoff moment.
On the 4-hour level, breaking below 2961 looks down to 2933-2907. I hope the second pancake can take off first and then pull back.
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Continuing to look at the chart:
As long as the second pancake can break through 3029 and stabilize on the 4-hour level, the downward trend outlined by the yellow box on the 4-hour level will temporarily end, and we can expect the second pancake to re-test the upper boundary of the 4-hour level box at 3268. However, the prerequisite is to stabilize above 3029 on the 4-hour level; otherwise, it won't happen. Meeting adjourned.
