$ETH Evening Thoughts

Although ETH has broken through the descending trendline, it has not managed to break above the 1583 resistance level. It has been circling back and forth right around 1583—breaking and failing to break, repeatedly. ETH will only start looking higher once it breaks above 1583. If it cannot break 1583, then as long as any pullback does not drop below this yellow bullish trendline, it will not revisit the support zone at 1520-1510 below. If it breaks the bullish trendline, it will enter a consolidation and range-bound pattern from 1583 to 1520. If it does not break the bullish trendline, it will consolidate around the bullish trendline and 1583. That’s basically the current market—chewing on it with no real flavor. If you don’t eat it, you throw it away, but you still can’t bear to let it go. I feel like ETH still wants to break upward; otherwise, it wouldn’t keep hovering and wavering near the resistance area. Just be patient and wait for the U.S. stock market to open!

If ETH breaks out with volume above 1584 on the right side, chase long. If ETH breaks below 1559 with volume on the right side, chase short. Keep an eye on how the volume changes, and set your stop-loss.

On the hourly timeframe, if ETH holds above 1584, look for 1617-1639 upward.
On the 4-hour timeframe, if ETH breaks below 1563, look for 1533-1510 downward.

On the 4-hour timeframe, the triangle pattern in ETH has been broken, and the retest and confirmation of the triangle’s upper boundary as support is complete. To see a 4-hour rebound, it must break above 1603 to trigger a 4-hour rebound and then move upward toward the “High 1” and “High 2” levels indicated by the red arrows. If ETH cannot break 1603 on the 4-hour timeframe, it cannot have a 4-hour rebound. It can only continue to maintain consolidation within the range marked by the white box and keep oscillating. Meeting adjourned.

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