$ETH Ethereum Evening Thoughts

I don't even know how to interpret this trend, Erb you just remember that if it doesn't go above 1683, it can't look higher; only a breakout above 1683 can target around 1732. Once it falls below the previous triangle low of 1633, it may not hold support; if the previous low is broken cleanly, according to Erb's hourly Fibonacci levels, the 1:1 downside target is around 1600-1578. To reach 1600-1578, two conditions must be met: first, breaking below the triangle; second, breaking below the previous low. Both conditions are necessary. It won't just drop straight to 1600-1578 in one big bearish candle unless there is negative news; otherwise, it will likely grind down gradually.
Erb with volume breakout above 1674, look for long entries on the right side to chase the rebound; with volume breakdown below 1653, look for short entries on the right side, pay attention to volume changes, and set good stop-losses.
Erb on the hourly level, stabilize above 1683, look up to 1705-1737.
On the 4-hour level, break below 1645, look down to 1605-1569.
Erb on the 4-hour level, the position circled in the red box is a head and shoulders pattern; the neckline has been broken, the head and shoulders pattern is confirmed, but it hasn't continued downward. What is Erb waiting for? As long as Erb cannot recover into the flag pattern, a continued decline is inevitable. The 4-hour bullish consolidation zone marked by the white box has been broken because a lower low has appeared. Currently, the strongest support on the 4-hour level is at 1602-1555-1504. The only thing you can do now is wait; wait for the direction to emerge. You can't do anything else. Meeting adjourned.
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