Yesterday's price action showed limited volatility, overall oscillating within the 68,800-71,400 range. Particularly during the daytime, there was basically no movement, with a decline wave continuing into the evening, followed by an upward rebound in the early morning hours. The closing price settled around 70,500. The daily chart formed a bearish K with a long lower shadow from a bottom bounce pattern. In terms of rhythm, neither bulls nor bears were favored. The only regret is that the previous day's bullish K failed to extend above the highs, disrupting the original short-term rebound trend!
Since the daily chart has turned from bullish to bearish again, we need to monitor whether yesterday's high and low points get broken. Overall, although the continuation momentum isn't strong, I believe a thousand-point range shouldn't be a major issue. To run an intraday short-term trend stably, use breakout performance as reference. For example, if the price breaks yesterday's high of 71,400, a pullback of a few hundred points afterward allows entry into long positions, with stop loss at this morning's low of 70,300. Conversely, for short positions, breaking yesterday's low of 68,800 followed by a rebound of a few hundred points can signal continued downward movement.
Another approach is using estimated breakout levels as support and resistance. Simply put, estimate the resistance after breakout and support after breakdown. Based on recent price action, we can deploy around the oscillation logic. Watch the upper resistance around 72,800—while not particularly high, a pullback upon first touch is reasonable. Don't be greedy for more profits, but relative to short-term oscillation targets, it's still worth anticipating!
For lower support, pay attention to the recent low around 67,500 for a rebound scenario. I actually mentioned this point last week, and price indeed touched 67,500 and produced a nice rebound. I believe many followers benefited accordingly, so in today's movement, this level remains valid as a reference for potential upside!
Additionally, regarding the support from the lower shadow and breaking high intraday—based on the four-hourly consecutive bullish action, even with pullbacks, there won't be a sharp drop immediately. The combined support from both is quite substantial. Operating under this logic, we can reference around 70,100 for a direct rebound play. This is a reasonably positioned level, and if there's a pullback in current action, the ideal position would be near 70,100. Everyone should pay close attention!
Regarding Ethereum, I mentioned yesterday that it showed resilience against decline, which proved exactly right. For today, I believe the movement will be more substantial. The daily chart formed a small bullish cross doji, which fully proves the strength in resisting declines. The next arrangement is quite simple: current action leans bullish breakout. For resistance following continuation, it remains consistent with yesterday's view. First, around 2,240; if the close is quite strong, subsequently watch 2,290 for major resistance. These two levels deserve attention, but which one matters depends on realtime conditions. I can only say to deploy accordingly based on actual situations, as it's a real-time trend requiring more prudent handling!
Regarding support, we can no longer define it at 2,100. Once price drops, continuation will follow, and acceleration probability is quite high—after resisting decline for several days, once that level breaks, the resilience attribute weakens, leading to acceleration behavior. A more prudent target is the 2,000 round number level. While it's difficult to give opportunities now, once reached, we can strike. It's a rebound point worth not missing even if we get it wrong. In summary, stability conquers all. If you find this reliable, give it your support; if you think it lacks merit, feel free to leave. Thank you everyone!
