#Gate广场五月交易分享 Market analysis for May 8th. ETH this week surged from 2300 to a high of 2430; after reaching the top, it quickly dropped back to around 2360. Then, after repeatedly consolidating and oscillating here, it surged higher again. It consolidated for 2 days between 2360 and 2400.

Why has $ETH been repeatedly consolidating in this position for so long without a big drop? First, because of the images/news of the Middle East war. The US and Iran have been repeatedly clashing. Second, retail traders’ thinking has shifted—from previously blindly going long to now opening short positions. With too many shorts overhead, the market makers can’t slam the price down. However, under the market-structure price action, ETH still can’t break through 2400.

After ETH broke below 2300 and hit the 2370 area, there were many pressure levels there, so many people felt the market had reversed. But Hu Ge believes this week is still a consolidation market. Around 2375 is still the entry point for longs, and 2220 is the stop-loss level for longs. In this kind of ranging market, if you can handle it well, you can also earn very considerable returns that are manageable.

If it rebounds to 2330, you can close the long positions. Beginners die in range-bound markets; experienced traders die when trying to catch the bottom. Seize the opportunities, find good entry points, focus on intraday short-term trades to expand your returns, and aim for steady profits.