$ETH Evening Thoughts:
In fact, a sharp decline like those on 5.19 and 3.12 is not terrifying, because it has a beginning and an end; panic is only temporary. The current trend is the most uncomfortable, as it neither rises nor falls significantly, just drifts downwards, making people feel uneasy. We can’t change it and can only accept it quietly.
For the second contract, on an hourly level, it’s best to break through the bullish flag at the position of 2952. Only after breaking the flag can we look upwards at 3009 and higher positions. If it cannot break the flag, it’s best not to fall below the support of 2913. If 2913 breaks, the flag will definitely break, and we cannot hold the previous low of 2863. Only by breaking the flag can we stop the second contract from continuing to fall. Let’s wait and see!
If the second contract breaks 2913 with volume, go short on the right side. If there’s a pullback to 3008, exert all your strength to short it as much as possible.
Don’t forget to set a stop loss.
For the second contract, if it stabilizes above 2951 on an hourly level, we can look upwards at 2985-3042.
On a 4-hour level, if it breaks below 2921, we look down at 2863-2823.
On a daily level for the second contract, the key support right now is 2885. As long as it doesn't break below 2885 on a daily level, there’s not much of a problem. Once 2885 is broken on a daily level, the large area circled in red on the left is within the falling range of the second contract. Looking again at the position indicated by the yellow arrow on the left, there was a decline that occurred when it failed to pull back past 2885 at 1383. Then, looking at the position indicated by the yellow arrow in the middle, a new high of 4957 was achieved only after breaking through 2885. Therefore, 2885 is the life-and-death line for the second contract; if it breaks, everything is lost. As for the position indicated by the yellow arrow on the right, is this a double top on the daily level? If 2885 breaks, it is 100% a double top. Before breaking 2885, there’s still a chance for a rebound, so we cannot say it’s definitely a double top. Meeting adjourned.
