Xingge Talks Crypto 0703 $ETH Today's Ideas

Entry point: 1715-1725 Stop loss 1740
Take profit targets:
First target: 1690
Second target: 1675
Fundamental Analysis
Chart stagnation signal: Last night, ETH broke above 1700 with volume but failed to continue the rally, instead consolidating narrowly around 1700. This indicates that short-term chasing capital is drying up and bullish momentum is insufficient.
Chip exchange phase: Currently in a long-short switching period. The resistance at the previous high of 1725 above is obvious, and there is suspicion that major players are using the rebound to lure bulls and distribute positions.
Following Bitcoin's rhythm: BTC is under pressure above 62000. ETH, as a high-beta asset, tends to see deeper declines if BTC pulls back. Beware of catch-up downside risk.
Reason
Technical divergence: The 1-hour structure shows that although the price is above short-term moving averages, it is "consolidating at a high without rising," which is a typical weak performance. The 1720-1725 zone is a previous dense resistance area with huge selling pressure from trapped positions breaking even.
Excellent risk-reward ratio: Shorting near 1720 only requires a stop loss of 100-150 points (break of 1740), but the downside target is 1690 or even 1675, offering ample space and a high win rate.
Strategy response: If the market first drops to 1670-1680 and stabilizes, you can reverse with a small long position to play for a rebound. However, the main idea remains selling on rallies, following the short-term correction trend.#Meta卖算力引发存储股大跌