Brothers, I am Mig, just stared at the four-hour chart for a while, and my back feels a bit cold.
ETH is like walking on a tightrope right now; a step up is 3150, a step down could be 2900, 2800, or even the old low of 2700.
I know you guys are feeling anxious and restless right now, don't rush, let me explain it to you in simple terms.
News: Grayscale 'quietly sold off' in the early morning.
Just last night, Grayscale transferred nearly 15,000 ETH to Coinbase Prime, worth 47 million USD. What does this signal? Institutions may be preparing to dump, or at least adjusting their positions.
When large funds move, small investors can easily become cannon fodder. Combining news and technical analysis, I am more worried about a peak followed by a drop. Even if it touches 3150, if there isn't sustained volume, it can easily be brought down.
Technical analysis: Looks like an uptrend, but in fact a 'gentle trap'
ETH is slowly creeping up, having already crossed 3100, the next stop is 3150. From the chart, the MACD lines are curling up below the 0 axis, looking like they might form a golden cross, which is indeed a rebound signal.
But be aware - it has been operating below the 0 axis, indicating that the overall trend is still bearish! It's like someone lying in a hospital bed raising a hand to greet you; can you say they are healthy?
Resistance levels are clear: 3150, 3275, each harder than the last. And below? Support levels are increasingly fragile: 3050, 3000, 2900... Especially the psychological level of 3000; once broken, a crash could come, directly aiming for 2900, 2800.
So don't just look at the upward trend; when it can't rise, it falls faster.
Mig's personal view: First focus on the support range of 3050-3000, after last night's sharp drop it has rebounded to around 3100, and the short-term target above can be set at around 3150. If the rebound strength is insufficient or unable to effectively break through 3150, the bearish trend will still dominate. If the support range is broken, the trend may further dive into the 2900-2700 range for a second bottoming phase.
What should retail investors do? Remember Mig's three sayings.
Don't chase highs: If it doesn't stabilize around 3150, don't chase it; better to miss out than to make a mistake.
Set stop-loss: If you hold coins, it's recommended to place your stop-loss below 3050; if it breaks, reduce your position.
Watch the volume: A real breakout must come with volume; a price increase without volume is just a scam.
In the crypto world, surviving long is a thousand times more important than making quick profits. When you don't understand, it's better to miss out than to make a mistake. Follow Mig; I won't just analyze for you, but I'll also tell you when to act and how to act. Together, we must hold steady to await the real big opportunities.
$ETH
