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#美国提高关税 Evening market ETH trend observation on November 20
On the hourly level, ETH is once again hovering at a critical position. After dropping to a new low yesterday, it experienced a technical recovery, but this rebound seems a bit weak— it couldn't even touch 3110 before stalling.
This is awkward. The rebound can't break through the previous high, which indicates that the bulls are still lacking strength. A second round of testing is very likely to follow. If the neckline at 2960 can't hold? Then we will have to continue looking for support below.
To truly turn things around, you need to overcome the hurdle of 3110 first. The current situation is a dilemma between going up and down, and it is expected to fluctuate between 3050 and 2960. There will be data released tonight, so it is advisable to wait for the news to land before taking action.
Two possible trading ideas:
Bullish route: Follow up to go long after stabilizing at 3050, target range 3110-3170.
Bearish scenario: Short decisively if it breaks below 2995, targeting 2910 below.
$ETH $BTC