After a surge of 30%, is the ETH rebound nearing its end?
The current market is essentially a technical correction of the previous significant decline. Given the long adjustment period and deep magnitude, this rebound is expected to have room in both time and space.
In the short term, the primary resistance area for ETH is around $3550-$3600. If market sentiment remains positive, it is likely to test the $3750-$3800 range subsequently.
The recent price pullback should be viewed as a normal consolidation in the upward process, rather than a trend reversal. After sufficient adjustment, the price still has the potential to attack again.
It is crucial to focus on the fact that if ETH retraces to the $2950-$2980 range and shows clear signs of stabilization, it could constitute a good observation opportunity. Another scenario is that the price continues to oscillate and consolidate above $3080, using time to gain space, which could also accumulate energy for subsequent trends.
Overall, it is expected that this round of adjustment will gradually become clear in the near future. I will assess the timing for intervention and update my views based on actual trends when suitable signals appear.
In summary: The rebound structure has not yet completed, short-term adjustments create observation opportunities, and attention should be paid to the performance of the $2950-$2980 support zone.
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