$ETH Evening Thoughts:
Let’s talk through the charts: The high points of the second item have been consistently decreasing on the hourly level. Although it hasn’t yet reached a lower low, the lack of higher highs makes it hard to rise. If the neck line at 3075 is broken, resulting in a lower low, then let it continue to fall!
The second item also faces significant resistance above, so to rise, it needs to break through 3130-3155-3180 to alleviate the current downtrend crisis.
On the 4-hour level, this yellow bullish trend line cannot be broken. If this yellow bullish trend line is breached, the 4-hour level will start to decline. You can wait for a right-side breakout below this yellow bullish trend line to short, but make sure to set a stop-loss; there's not much good advice for going long.
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If the second item cannot break through the 4-hour consolidation range, it will never be able to rise further. According to Fibonacci, before breaking the 4-hour consolidation range, there is a high probability it will touch the Fibonacci 1:1 position at 2854.
The second item must stabilize above 3130 to look up at 3155-3180; if it can't rise above 3130, it has no usefulness.
If the 4-hour level breaks below 3088, it looks down to 3040-3009. Breaking below 3088 basically means there are no expectations left, and that’s a wrap.
