This morning, ETH plummeted, and there are two 'culprits' behind it. One is that miners collectively sold off, flooding the market with a large amount of goods, creating a selling pressure as heavy as a mountain; the second is that U.S. national debt has surpassed the $30 trillion mark for the first time. Once this news came out, the global market shook along with it. Fortunately, ETH stabilized at the support level of 3035 and even rebounded, which indicates that there are strong hands protecting this level, and it's not something that can be easily broken.
Tonight at eleven o'clock, the PCE data should be a key focus. If the data is positive, will ETH directly enter a surge mode? If it is negative, will it plummet again like this morning? Everyone is uncertain.
When the market sentiment is slightly better, we need to stay calm and not treat our expectations as established facts. Patience lurks, waiting to take action only when the trend becomes clear.
From a technical perspective, the 1-hour chart is quite lively right now. ETH is oscillating near 3162, and the key pivot point is at 3210. If it can stabilize at this level, the upward space will open up. However, the MACD is currently in a dead cross state, indicating short-term retracement pressure. But the yellow and white lines remain above the 0 axis, suggesting that the overall trend hasn't deteriorated. Suddenly increased volume may signal a potential trend change; rising red bars are often the last struggle of the bears. Both the RSI and MFI are hovering around 50, and the market is waiting for a clear signal to decide the direction.
Today's focus is on the 3210 level. If it can break through with volume and hold, the next target will be 3356, which could even trigger a rebound. However, if it struggles to get past 3210, there is a high probability that it will test 3035 again. If 3035 cannot hold, 2880 will likely face scrutiny as well. Tonight's market will definitely have significant fluctuations, and both bulls and bears will fiercely contest this position.
I want to remind everyone, until 3210 is broken, do not chase high with heavy positions. It's better to make a little less profit than to fall into a pit. If it rises and falls back below 3035, it's best to withdraw for now and consider re-entering once it stabilizes. Position management is crucial; don't go all in at once. Keep some funds available to seize future opportunities. When the market reaches a critical point, every step must be steady. Follow me, and let's respond rationally together.
Yesterday, ETH also made some profit for fans, and the divine pill continues. For the next layout direction, I will lead everyone to aim for the lucrative opportunities in altcoins; expecting a doubling is not a problem. If you want to join the chat room, check back later for announcements.
