The battle between bulls and bears is about to erupt! This position will determine the market direction
Last week was a thrilling journey for $ETH , first experiencing a sharp drop to the bottom, then violently recovering to around 3250. The weekly chart directly formed a doji star, resembling a stalemate in the arm-wrestling match between bulls and bears. This pattern usually indicates that the market is entering a 'choice paralysis' mode, absolutely a precursor to a significant trend.
Upper resistance: 3250-3300 is the last line of defense for bears. Once it breaks through with volume, the trend will immediately shift bullish, with the next target heading towards 3500-3600. Lower support: 3100-3050 is the short-term lifeline. If it breaks below, bears will smash the market down to the abyss of 2700-2600.
Bull players: Stand guard in the 3050-3100 support zone, and take action when you see a 'golden needle bottoming' signal on the 1-hour chart. Aim for 3200-3250. Bear players: Look for opportunities in the 3150-3200 resistance zone. If the price spikes and then retreats while MACD shows a bearish divergence, decisively go short, with stop-loss set above 3250.
Personal view: Currently, market sentiment is extremely divided. On one side, whales are secretly increasing their long positions, while ETF funds continue to flow out. In such times, don’t chase highs and kill lows. Either wait for a breakout to follow or trade within the range by buying low and selling high. Remember, the longer the sideways movement, the more explosive the breakout will be!
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