Yesterday $ETH repeatedly broke through without success, currently oscillating in the narrow range of 2950 - 3050, seemingly gathering strength. From the perspective of leveraged liquidation, yesterday's surge to 3077 handled most of the leveraged positions, but continued to consolidate, with a clear intention to attack. The current price has retreated to the short-term pullback resistance level, with a focus on 3035 and 3055. A second breakthrough failure or short-term pullback, with the price fluctuation range mainly between 2920 - 3120.
Today's day session may press down on leverage, and if the support at 2950 and 2920 holds, there is a high probability of a surge breaking through 3100 tonight. After the breakthrough, if it stabilizes at 3050 or oscillates above 3120, it is expected to rise to 3165, 3200, or even 3350. If 3300 holds, the upper track of the downtrend channel is broken, and if it pulls back and closes above 3050, it may initiate a main upward wave to break away from the dense area. Recently, both bulls and bears should not hold positions, with the risk of short positions being particularly high.
In terms of operations, focus on two ranges: small range 2950 - 3050, large range 2900 - 3100.
Going long: Buy lightly on pullbacks to 2900 - 2950, with strict stop-loss if it breaks below 2900. A breakdown indicates an imbalance between bulls and bears, and below 2900 is a vacuum area, which may lead to a rapid decline. The next support at 2830 may not hold, so do not hold positions.
Going short: When the breakout of 3050 - 3100 fails and falls back, short lightly, do not be greedy. Today, shorting is not easy due to the strong intention to attack, and prices will repeatedly spike. For existing short positions above 3050, set stop-losses in batches to protect profits and prevent profit giving back.
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