ETH’s first target 2550 has been reached; this short-sellers’ move hit the mark again
Brothers, let’s review the short setup from last night. In my original post, I wrote it very clearly: “As long as it doesn’t regain and hold above 2585, the short-term outlook is bearish; first target 2550.” As of this round, the first target at 2550 has already been hit, and the direction matched our call from start to finish.
Looking back at the logic back then: with resistance overhead above 2585, the bulls couldn’t push through no matter what. Every time the 4-hour high was touched, it got knocked back, and volume was also shrinking. On top of that, the expectation that Bitmine has stopped adding positions was hanging in the air—so the short-term momentum just wasn’t there. As a result, ETH kept drifting lower; 2550 was tapped, and the timing was pretty comfortable. This profit is earned cleanly.
So what now? ETH is consolidating weakly around 2566. The latest 4-hour candles slipped from 2573 to 2566, down about 0.29%. The rebound high on the 15-minute chart has been stepping down—from 2575.55 all the way to 2570.79—and the closing price has also been trending lower step by step. In the last two hours, trading volume is about 8.5% less than in the first two hours. That’s a shrinking-volume weak rebound, not a reversal.
Therefore, in the short term I’ll keep looking for downside. The logic is still the same two points: first, Bitmine’s accumulation cycle is likely coming to an end. Once the steady buyer stops, sentiment turns fragile. Second, Ethereum fund products have seen net outflows for the seventh consecutive trading day, meaning institutional capital flows are relatively weak. As long as it doesn’t regain and hold above 2578, the support at 2555 is still likely to come under pressure. If it truly breaks and holds above 2578, then this short thesis gets withdrawn—no need to stubbornly hold on.
Note: this is only my view on the short-term trading rhythm for this round. It’s not me bashing ETH long-term, and it’s not a guarantee that I’ll be this accurate next time either. Conditions haven’t changed, and the time horizon is still strictly short term.
Original post here: https://www.binance.com/zh-CN/square/post/374775508220472 $ETH
Brothers, let’s review the short setup from last night. In my original post, I wrote it very clearly: “As long as it doesn’t regain and hold above 2585, the short-term outlook is bearish; first target 2550.” As of this round, the first target at 2550 has already been hit, and the direction matched our call from start to finish.
Looking back at the logic back then: with resistance overhead above 2585, the bulls couldn’t push through no matter what. Every time the 4-hour high was touched, it got knocked back, and volume was also shrinking. On top of that, the expectation that Bitmine has stopped adding positions was hanging in the air—so the short-term momentum just wasn’t there. As a result, ETH kept drifting lower; 2550 was tapped, and the timing was pretty comfortable. This profit is earned cleanly.
So what now? ETH is consolidating weakly around 2566. The latest 4-hour candles slipped from 2573 to 2566, down about 0.29%. The rebound high on the 15-minute chart has been stepping down—from 2575.55 all the way to 2570.79—and the closing price has also been trending lower step by step. In the last two hours, trading volume is about 8.5% less than in the first two hours. That’s a shrinking-volume weak rebound, not a reversal.
Therefore, in the short term I’ll keep looking for downside. The logic is still the same two points: first, Bitmine’s accumulation cycle is likely coming to an end. Once the steady buyer stops, sentiment turns fragile. Second, Ethereum fund products have seen net outflows for the seventh consecutive trading day, meaning institutional capital flows are relatively weak. As long as it doesn’t regain and hold above 2578, the support at 2555 is still likely to come under pressure. If it truly breaks and holds above 2578, then this short thesis gets withdrawn—no need to stubbornly hold on.
Note: this is only my view on the short-term trading rhythm for this round. It’s not me bashing ETH long-term, and it’s not a guarantee that I’ll be this accurate next time either. Conditions haven’t changed, and the time horizon is still strictly short term.
Original post here: https://www.binance.com/zh-CN/square/post/374775508220472 $ETH