This bear market has been going on for nearly 80 days, will Ethereum drop to 1600⁉️ This is not alarmism 📢⬇️
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The specific strategy is below; if you don't care about the logic, you can directly focus on the price points for entry.
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The recent two triangular convergences of Ethereum are all one wave flow; once shot, it's gone. The best reversal for Ethereum is if it breaks through 2250 and stabilizes, followed by a gradual consolidation, which would indicate a stop to the decline. But the reality is that the downward trend continued for 1 hour, and after a retest established a double top, it broke downwards. The lower space is about 15% more, which means around 1650, and it shouldn't be too far off.
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Currently, one or two bullish engulfing candles can't change this downward trend. Bottom fishing should be done at support; don't just enter the market when you see two engulfing patterns. You still need to operate in conjunction with support.
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Bullish Strategy
Focus on the key price range of 1800-1750. If it breaks below 1710, focus on the daily level orders around 1500-1520, and enter in batches.
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Bearish Strategy
Entry Point: 2150-2110
SL: 2250-2260
TP: 2060-1900-1750-1650
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If anyone has any questions, feel free to reach out to me for communication and discussion.
Wishing everyone smooth trading, thank you for your support.
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The above views are for reference only and do not constitute any investment advice.