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May 9 $ETH Market: Ethereum yesterday dipped to a low of 2263 and rebounded to our first take-profit at 2320 for the long position.
Currently, on the hourly chart, pay attention to the dividing line in the chart below; as long as it hasn't fully broken below, there's no need to be overly bearish. Above the dividing line are all support levels. The key point is that the resistance zone between 2335-2345 has been retaken, and at minimum, the hourly close should be above 2345 to look higher toward the resistance around 2397.
The reaction in the 2335-2345 range will always determine the strength of the subsequent market trend. So, just wait for the reaction here.
However, the hourly chart's division line hasn't fully gone down yet, so there's no need to rush into short positions.
Let's wait for the 2345 close to confirm.