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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Tuesday: After the roller coaster, recover back high, there is no need to rush into shorting.
The midnight market has shown a retracement pattern, but the downward pressure has not continued. The rhythm has entered a recovery phase, and neither bulls nor bears have formed a one-sided pattern.
From a technical perspective, the four-hour chart shows that the price has pulled back after a high without breaking through the middle track to continue the bearish trend. The operating channel remains in an upward state. Although the bullish pattern has not continued in rhythm, there is a clear stop in the decline, entering the recovery phase after the pullback.
Looking at the hourly timeframe, the price has surged and then retraced, but the support around 118000 is evident, forming a certain range-bound demand. The lower side has not yet broken through to continue moving towards a bearish trend; instead, it is building a base.
Today, our approach revolves around the repair pattern, focusing mainly on participating in long positions at low levels.
I personally suggest focusing on the 118000-118500 range, and looking at 119000-119500.
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