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Weekend ETH Market and Short-term Price Analysis
So, how to view the short-term? First, yesterday's decline was quite significant. Usually, a large drop can cause shock, and since today is the weekend, prolonged shocks tend to break the upward or downward trend.
In the short term, the current area around 2000 may be a legitimate top, with 1970 serving as the support at the bottom of the震旦 (possibly a typo or specific term, keep as is). If either side breaks through and doesn't hold, the price will move in that direction.
Current actionable short positions:
1. Resistance near the top at around 2035-40, if it can't go higher and drops; further resistance at 2055-60 and around 2080, if it can't go higher and drops — these are five-minute right-side resistance levels.
Current actionable long positions:
1. Aggressive longs on the left side at around 1970-65; if it breaks 60, consider taking profit or exiting; or, if at a relatively low level, control position size, wait for a rebound, then sell.
2. Long positions on the left side at around 1942 and below, and around 1926 — these are prone to quick gains.