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Li Yaoyang’s View on May 11 (Midday)
Ethereum follows Bitcoin higher, breaks up but meets resistance and pulls back. Today’s overall outlook is mainly a high-altitude (upper-range) trading plan!
The second coin follows Bitcoin: after probing and rallying toward the resistance-pressure zone around 2380, it clearly came under heavy pressure and turned back to a pullback. It is currently at 2343. The overall chart maintains a wide-range oscillation pattern. In the short term, bulls have difficulty pushing higher—heavy suppression lies overhead. The key focus is the 2400 critical level. If it is not broken, it remains under pressure and slightly weak. Also watch the 2300 level below; if that breaks, it may continue to dip further!
The daily chart’s upside momentum is weakening, and the rebound strength is gradually fading. On the 4-hour chart, there is a push higher followed by a pullback, leading to downward range-bound movement. The strong resistance at 2380 firmly suppresses price. Below, 2310 may provide only a brief support, but overall price action is run in a bearish manner. Any rebound is an opportunity to short.
Trading Plan
Short rallies in the 2350-2370 range; for a short-term pullback, watch the 2330-2310 range. $BTC