This 1011 giant whale operation is mind-boggling, almost like a live performance of a double act: one side is sweeping up shares at a low position while the other side is high-fiving to lure in more buying, switching back and forth between head and shoulders top and bottom, the script preview is too accurate!

Over the weekend, ETH accurately retraced to the daily mid-line of 3050, after a false break of the 5-wave in 4 hours, it recovered and started a small rebound in the daily 2-wave; the 4-hour corresponds to either a 3-wave or 5-wave, determined by the remaining strength of AI in the US market + trading volume, first focus on breaking through the resistance at 3170 and the small support at 3070, time frame 2-3 days.

After a 5-wave rebound on the daily chart, with the Bank of Japan's interest rate hike approaching (12/19) later in the week, it is highly likely to move down in a 3-wave or 5-wave pattern, with upper pressure at 3250-3350 and lower retracement at 2750-2850.

The weekly chart has not stabilized above the 60-week moving average for 3 consecutive weeks, and a second test down is highly probable, with a trend support at 2850 and a strong bottom at 2750, the low point may land next week, and the previous low of 2620 should not be broken; otherwise, the head and shoulders top will take effect directly. Plus, with the quarterly settlements of US stocks/bonds/options overlapping with the interest rate hike on the 19th, big fluctuations are inevitable!