$ETH Evening Trading Outlook | November 9
After Ethereum’s hourly chart hit a new low, it staged a natural rebound. Unfortunately, the rebound failed to break through resistance at 2169. If the price cannot hold above this resistance, it will most likely pull back again to test support at 2097. The price is now approaching 2097, which also coincides with the lower edge of a triangle, creating a confluence of two support levels. If this level holds, it serves as support; if it breaks, both defenses will fail at once. If 2097 is decisively broken, there is no need to focus on the previous low at 2056; the next support zone is 2035–1967.
As long as the price stays above 2097, it is likely to consolidate between 2097 and 2169, with another chance to break above 2169. Only a successful break above 2169 would signal that the hourly chart has halted its decline and could pave the way for a push toward 2245. If this resistance cannot be broken, the bulls are unlikely to make much headway.
Trading reference: If the price moves above 2122 on strong volume, consider following with a long position; if it falls below 2098 on strong volume, consider following with a short position. Watch volume closely and be sure to use a stop-loss. If the hourly chart holds above 2122, the upside targets are 2169 and 2245; if the four-hour chart breaks below 2098, the downside target zone is 2035–1967.
From the four-hour chart’s structure, this decline is a three-wave move, with a target that generally points to 2035. The key question now is whether panic selling will emerge if the price reaches the area around 2035 again. In the absence of unexpected negative news or panic selling, this area could well form a temporary bottom.
The reasoning is simple: look at the high-volume candlestick indicated by the arrow below. It showed both volume and a price decline, which is normal during a downward move. But after volume increased, the decline did not accelerate, nor did the price continue to fall—this is worth questioning. Could this decline simply be a bear trap? Those who prefer to bottom-fish early can wait for a pullback to around 2035 and consider a small position. Remember to use a stop-loss.
Everyone wants to buy the bottom, but no one can accurately predict where the true bottom is; it all comes down to speculation. If you’re right, the market moves as expected; if you’re wrong, it’s just bad luck. That’s all. #以太坊现货ETF周净流出3.65亿美元
After Ethereum’s hourly chart hit a new low, it staged a natural rebound. Unfortunately, the rebound failed to break through resistance at 2169. If the price cannot hold above this resistance, it will most likely pull back again to test support at 2097. The price is now approaching 2097, which also coincides with the lower edge of a triangle, creating a confluence of two support levels. If this level holds, it serves as support; if it breaks, both defenses will fail at once. If 2097 is decisively broken, there is no need to focus on the previous low at 2056; the next support zone is 2035–1967.
As long as the price stays above 2097, it is likely to consolidate between 2097 and 2169, with another chance to break above 2169. Only a successful break above 2169 would signal that the hourly chart has halted its decline and could pave the way for a push toward 2245. If this resistance cannot be broken, the bulls are unlikely to make much headway.
Trading reference: If the price moves above 2122 on strong volume, consider following with a long position; if it falls below 2098 on strong volume, consider following with a short position. Watch volume closely and be sure to use a stop-loss. If the hourly chart holds above 2122, the upside targets are 2169 and 2245; if the four-hour chart breaks below 2098, the downside target zone is 2035–1967.
From the four-hour chart’s structure, this decline is a three-wave move, with a target that generally points to 2035. The key question now is whether panic selling will emerge if the price reaches the area around 2035 again. In the absence of unexpected negative news or panic selling, this area could well form a temporary bottom.
The reasoning is simple: look at the high-volume candlestick indicated by the arrow below. It showed both volume and a price decline, which is normal during a downward move. But after volume increased, the decline did not accelerate, nor did the price continue to fall—this is worth questioning. Could this decline simply be a bear trap? Those who prefer to bottom-fish early can wait for a pullback to around 2035 and consider a small position. Remember to use a stop-loss.
Everyone wants to buy the bottom, but no one can accurately predict where the true bottom is; it all comes down to speculation. If you’re right, the market moves as expected; if you’re wrong, it’s just bad luck. That’s all. #以太坊现货ETF周净流出3.65亿美元
