Last night, the US stock market was closed, and the currency circle did not have much fluctuation. Bitcoin has been oscillating narrowly between 65000-65000. The rebound of Bitcoin is weak and has not yet formed a daily bottom pattern, indicating instability and the possibility of further fluctuations.

The unstable trend of Bitcoin has constrained the breakout of ETH. As the leader, Bitcoin's movement affects other currencies, including Ethereum.

First, let's look at the daily chart. It's almost 8 o'clock in the morning, and it's clear that the daily bottom pattern of Ethereum has appeared, showing a much stronger trend than Bitcoin. With Bitcoin stabilizing, there is a high probability of an upward trend on the daily chart.

Next, looking at the 4-hour chart, Ethereum has rebounded as expected and entered the pen center without showing a third sell pen. Whether the market reverses depends on whether there will be a second buy pen after the end of this upward pen. A second buy pen indicates that the bearish momentum is exhausted and unable to push the price to a new low, signaling a trend reversal. Currently, it is necessary to follow the evolution of the trend type at the 30-minute level.

Furthermore, by observing the trend type at the 30-minute level corresponding to the 4-hour level, it is evident that there has been an upward rebound at the 30-minute level, and a second pen center is being constructed within this line segment. If the 3590 high point is broken, there is a high probability of a downward retracement. The key is the strength of this retracement. The two classifications provided in the chart indicate that only a red trend can reverse the market.

The current strategy is to oscillate within the 30-minute pen center. For those who bought Ethereum at the bottom of the previous pen center, it is recommended to reduce positions and wait for a secondary buying point to re-enter after the appearance of a downward segment at the 30-minute level. If a second buy occurs, which is equivalent to a right-side opportunity, positions can be increased, with the previous low point of 3355 as the stop-loss point.

The above analysis is for reference only and does not constitute any investment advice!

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