Brothers, Old Wu is back with a recap! Today’s market situation really had me…

Waking up early, ETH’s movement indeed feels a bit “chilling to the bone.” I just took a quick look, and the price has been bouncing around near $2,310. Compared to the opening price this morning, it’s down nearly 2.5%. This sharp drop definitely shook out quite a few traders who chased the high.
Let me briefly share my thoughts with you:

📈 Where is the resistance level?
Now $2,342 has become our “big headache.” This is not only today’s intraday resistance but also the position of the 200-day EMA line. If ETH can’t push back up and hold steady, this market will continue to muddle in the quagmire.

🛡 Where is the support level?
$2,300: This is the psychological defense line. If it breaks, the atmosphere in the group will probably turn heavy.
$2,250 - $2,277: Old Wu has been watching this area for a long time. Large traders are guarding the market here. If it drops to this range with decreasing volume and stops falling, I might consider building a position gradually.

⚠ Old Wu’s ramblings
Don’t just focus on the candlestick charts. The Clarity Act hearing we’ve been paying attention to is scheduled for May 14. That’s a big day! Once the regulatory wind changes direction, market volatility will definitely double.

To sum up: the current market is just “high-level consolidation,” not yet time to panic. The RSI index is still healthy. As long as big players are still moving assets to cold wallets, we shouldn’t easily give up our blood-stained chips.

What do you all think? Are you planning to scoop up bargains during a big drop, or do you prefer to stay on the sidelines? Drop a comment! #CLARITY法案下周审议 #eth $ETH