Early morning news release caused the price to drop again to the lowest at around 74,868, with Ethereum bottoming out at 2,218. As expected, Powell's speech caused the crypto market to shake. The idea given at midnight also had some flaws; the bullish strategy suggested led us to hit our stop-loss. The short-term support at 75,500 was not maintained, but subsequent changes in strategy, following the trend to short, perfectly recovered the losses. Although not making a huge profit, it protected our principal and minimized losses. If anyone followed Lao Chen yesterday and got caught, you can contact Lao Chen anytime for free guidance to recover.

Looking at the daily chart, after a rally, the price also pulled back, forming a pin-like pattern up and down. However, the current pullback low is also at the previous high, so it cannot be considered the start of a trend reversal. After all, the recent price contraction is due to specific reasons. From the current pattern, after a significant contraction, the price will likely undergo a correction, possibly a time-based adjustment. After the correction, the price will still be in a recovery phase. On the four-hour chart, with the lows continuously moving lower, short-term shows strong bearish momentum. But the current decline mainly consists of pin-like candles, so after the price corrects and moves higher again, we can look forward to that.

Thursday morning, a direct long position at 75,600-75,400, targeting 77,000. Ethereum around 2,230-2,210, aiming for 2,350.