Second pancake #ETH just reached a high of 3077. This wave increased by 10.86%. Last week, these 3 major varieties had one word! Awesome!!! $ETH
🚨 Key market confirmation: 3000 level regained, bulls successfully executed a 'fake drop'
Latest situation: Congratulations! If you referred to the analysis from last night (early morning of the 22nd), the 'liquidity hunting' we defined in the 2950-2980 range has been perfectly validated. After piercing the 3000 level, ETH quickly reversed in a V-shape and has now firmly stood above 3040.
Pattern characterization: This is a standard 'Bear Trap'. The main force used a drop below 3000 to lure shorts, then quickly surged; the current 3046 indicates that the previous drop was a false move, and market sentiment has shifted from extreme panic to a corrective bullish outlook.
Current resistance: Although it has reclaimed lost ground, the area between 3060 - 3080 is a short-term moving average resistance and a zone of previous high trading volume. Bulls need to further increase volume to break through here to open up space towards 3150.