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What is the current situation of ETH? Let's take a look.
The monthly level has hit the previous high point, with three consecutive attempts to break through without success, indicating a bearish trend. If you really want to catch the bottom, keep an eye on the 2485 position, as that is the monthly support.
The weekly chart has closed with a large bearish candle, indicating a clear downward direction. The nearest support is at 2972. It's highly likely that this level will be reached, as Bitcoin has not yet peaked, and it's normal for ETH to adjust accordingly.
There are three resistance levels above the daily line: 3231, 3287, 3414. Don't rush to place short orders in advance, as the rebound range is difficult to judge. If you want to short, wait for the rebound to approach a resistance level and close the line, then look for a specific entry point on the 4-hour chart when a topping candlestick pattern appears.
The 4-hour chart looks like it is forming a bottom, with the neckline around 3219. But to be honest, it’s not easy to operate, and we still have to watch Bitcoin's movements. For now, let's just wait and see.