Yesterday, after the surge, there was a subsequent decline. Jiang Chen clearly expects a bearish trend, and is looking to short around 27400 for a pullback. The market has indeed fallen as expected. He exited near 26700, with a potential profit of 700 points. The market continues to fluctuate in the day session, and the current price is running around 26800.
Looking at the four-hour chart, the Bollinger Bands are running with a narrowing upward trend. The market surged and then fell under pressure, resulting in three consecutive declines. It is now testing the support level of the middle track after last night's volatile trend until a slight rebound in the early morning today. Accompanied by a bearish volume at the high point, the bullish performance lacks certain momentum. The effective range is back to 1610-1640 points, between 26300-26800 for the market. The 4-hour MA30 moving average shows a clear downward trend in both Ethereum and the market, so we still favor the bearish trend.
It is suggested to short near 2700-27200 for the market and 1650-1670 for Ethereum.
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