$ETH Morning Analysis of the Second Pancake

✅ Short Position Strategy (Follow the 4-hour oscillation with a bearish bias)
• Entry reference: Rebound to the 2310-2320 range, gradually take small short positions. This is at the 4-hour Bollinger middle band plus the previous rebound high, a double resistance level.
• Stop-loss reference: Keep above 2335; a break above the upper band indicates trend reversal, so exit promptly.
• Target levels:
1. First target: 2290-2285 (1-hour Bollinger middle band support, reduce position to preserve capital)
2. Second target: After breaking below 2280, look toward 2260-2255 (previous low support)
✅ Long Position Strategy (Short-term correction, small positions, quick in and out)
• Entry reference: Rebound within the 2285-2290 range without breaking, try short-term longs with small positions. This is supported by the 1-hour Bollinger middle band plus the 15-minute Bollinger middle band resonance support.
• Stop-loss reference: Keep below 2275; a break below support indicates the short-term rebound has ended.
• Target levels: Focus only on the 2310-2320 range.
4-hour
The Bollinger middle band is around 2314, with the current price at 2309, just below the middle band, indicating a oscillation with a bearish bias.
MACD has just formed a golden cross near the 0 axis, momentum is weak, with no clear trend at the moment, overall a correction after a decline.
1-hour cycle
Price has broken through the Bollinger middle band at 2288, currently facing resistance near the upper band at 2308, short-term bullish momentum is weakening.
MACD remains in a golden cross, green bars are shrinking, RSI has reached 73, entering overbought territory, indicating a short-term pullback is needed.
3. 15-minute cycle
Bollinger bands are opening upward, price is running along the upper band, RSI has hit 72, clearly overbought, and may soon retrace to the middle band around 2291.
Support below is in the 2290-2280 range, with strong support near 2273.
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