Last night, the cryptocurrency price once again plummeted to around 93,600, while Ethereum dropped to around 3,500. However, in the early morning, the price did not continue to decline; instead, after receiving support from below, the price began to oscillate upwards. Ethereum, in particular, just broke through 3,700 with a strong bullish candle, forming a reversal. After such a powerful surge in Ethereum, the price is bound to pause, and there is a high probability that it will continue to retrace along with Bitcoin.

From the 4-hour price pattern, the price is frequently switching between bullish and bearish, lacking continuity. However, from the pattern perspective, although the price has formed a long lower shadow, this round of decline has not stopped. Therefore, do not rush to enter long positions; just wait for the right opportunity.

First, look at the price retracement and wait for stabilization before planning long positions. Bitcoin has shorted at 95,800-96,300, focusing on around 94,300. Ethereum has shorted at 3,705-3,740, focusing on around 3,600.

Follow the public account: Futai Talks about Coins, to get the latest strategies.

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