$ETH Evening Thoughts:
Looking at the chart: When will the second coin break through the bullish flag drawn in the chart? The corresponding price to stop falling is around 2952. Only by breaking through 2952 can we expect the positions pointed out by the left-side yellow arrows, which are high one, high two, and high three. If it can't go above 2952, there's no need to wait for higher positions. The second coin has been lingering around the support level of 2906 all afternoon without a single closing price below 2906. Is this support really that strong? Only by breaking below 2906 can the second coin continue to decline, because 2906 is the neckline of this bullish trend. Once it is broken, a lower low will appear, initiating the main downward trend of the second coin.
I hope the second coin can hold onto the position of 2906 and remain strong. If it can't hold 2865, it may be far but it will eventually come.
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The second coin breaks through 2930 with volume on the right side to chase long, while 2917 with volume breaks down on the right side to chase short. Pay attention to changes in volume and set proper stop losses.
At the hourly level, the second coin stands firm at 2952 looking up at 2988-3033. If it cannot break through 2952, it cannot continue to rise.
At the 4-hour level, breaking below 2908 looks down to 2868-2785. As long as it breaks below 2908, the decline of the second coin has just begun.
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Continuing to look at the chart: The Fibonacci 1:1 retracement target for the second coin at the hourly level is 2863. As long as the second coin can maintain above the Fibonacci 61.8 level, it will not revisit the 1:1 target. Once the 61.8 level is broken, the 1:1 target will also be given. As for whether the 1.618 level can be reached, we need to first observe the price action after revisiting the 1:1 target. Will it rebound immediately upon touching the 1:1 target, or will it continue to drop without pause? Meeting adjourned.
