Last night's rally did not break through the previous high of 3192. Looking at the 4-hour chart, the 3190-3240 range is Old No. 2's resistance zone. Once this is broken, it's the bulls' exclusive club. If it can't break through the 3190 threshold, unless there's confirmation from the Fed's rate hike information, or some new positive catalyst appears, bulls still need to enter cautiously.
Last Friday I mentioned that if ETH falls below 3050, the outlook will be bearish for at least the next 3-5 days.
After a downward spike last night, it quickly rebounded.
For several consecutive days, the market has been sweeping both longs and shorts.
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12.08 Monday ETH
Last night's rally did not break through the previous high of 3192. Looking at the 4-hour chart, the 3190-3240 range is Old No. 2's resistance zone. Once this is broken, it's the bulls' exclusive club. If it can't break through the 3190 threshold, unless there's confirmation from the Fed's rate hike information, or some new positive catalyst appears, bulls still need to enter cautiously.
Last Friday I mentioned that if ETH falls below 3050, the outlook will be bearish for at least the next 3-5 days.
After a downward spike last night, it quickly rebounded.
For several consecutive days, the market has been sweeping both longs and shorts.
Today's ETH strategy:
Short if it can't hold above 3190-3220.
Go long around 2960-2990.