$ETH
Yesterday, ETH first dropped and then bounced back before falling again, the trend was quite tumultuous. Initially, it fell back before rebounding to 2972. I had set a breakeven stop-loss for the long position I bought earlier, so in the end, I neither made a profit nor incurred a loss, breaking even. After it surged to 2972, it started to decline again, dropping to a low of 2899 before stopping to rebound, reaching a high of 2987, but it couldn't hold and went down again. Compared to the previous days, this wave of rebound is clearly weaker, as it couldn’t even break through the 3000 mark, indicating that the bulls are losing strength.
Weak rebound + clear resistance: 3000 is an important resistance level, and several attempts to break through it have failed, indicating a lot of selling pressure above, making it difficult to rise.
Impact of Christmas holiday: Tomorrow, foreigners will celebrate Christmas, and many markets will be closed. Capital will likely be positioned in advance, and there’s a high probability that today’s market will preemptively move based on the holiday trends, leading to a cautious downward bias.
Technical outlook is bearish: Currently, ETH is overall in a weak oscillation. The support at 2900 has been temporarily held, but it has been tested multiple times, and if it breaks down, it could easily move to lower levels.
Timing for building positions: When the price reaches 2940 or 2950, you can consider entering a short position.
Profit target: First, look at the initial target of 2850, and when it reaches there, you can reduce part of your position; next, look at the second target of 2830; ultimate target 2800, if it can drop to this level, it would be a significant profit.
A little reminder: Market conditions change rapidly, make sure to set a stop-loss, avoid heavy positions, and prevent being caught in sudden fluctuations.