Last week, ETH pumped from 2620 to 3099, rising by 479 points.

According to Fibonacci retracement, several key levels need to be monitored:

50% retracement is around 2803, this is the first line of defense, if it breaks, we have to look for deeper adjustments;

The 61.8% golden ratio is at 2723, suitable for short-term long positions. Generally, it will retrace to 2712 or quickly spike down to 2688.

If we directly break through the 100% retracement, then we will return to the starting point of 2620 - here we can consider buying in batches, but we need to set a stop loss at 2500, in case of continued decline, it may test the low point of 2112.

From a technical perspective, the range of 2803-2723 is the main battleground for bulls and bears, and the direction of the breakout basically determines the subsequent rhythm.