$ETH Evening thoughts:

There isn’t really much to say about this market trend, so I’ll keep it short and to the point! Er Bing broke below this yellow bullish trend line. If the rebound can’t reclaim the level and run above the trend line, the corresponding price is 2057. You also won’t see Er Bing challenging the 2083 resistance level again. At the moment, 2083 is the line dividing Er Bing’s bulls and bears. Only a breakout above 2083 can stop the current drop and allow the rebound to continue. Staying below 2083—if it’s not even continuing to fall, that’s already pretty good. Er Bing then continues to move into a pullback toward the support below 2016, but this time it may not be able to hold. Because during the rebound, no higher high appeared. A retest will definitely produce a lower low. Once it breaks below 2016, then go look at the support zone of 1975-1936 and wait for a stop-the-fall signal to appear!

For Er Bing: a volume-backed breakout above 2057 on the right side is a signal to chase a long; a volume-backed breakdown below 2035 on the right side is a signal to chase a short. Pay attention to changes in volume, and set your stop-losses accordingly.
For Er Bing on the hourly timeframe: if it holds above 2057, look for 2084-2126 to the upside.
For the 4-hour timeframe: if it breaks below 2012, look down at 1966-1936.

For Er Bing, the 4-hour consolidation box of 2200-2011 absolutely must not break downwards. If it breaks and then reclaims, nothing much will happen. But once the box is broken downward, according to common logic, it would likely lead to a 1:1 drop from the box, and the downside target would be 1824. This isn’t meant to scare you—this is a fact. Just watch whether the 4-hour consolidation box is broken. If it is, it’ll be a full-on cold shower. $ETH