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8.10 Night Thoughts on ETH
In the past few days, quite a few brothers have told me that ETH is going to reach a new high, aiming for 5000. Brothers, I just want to say one thing: are you really dazzled by ETH, or are you directly enchanted by the market? When it rises, you see it rising; when it falls, you see it falling. With this mentality, it's hard not to be a victim!
Remember one thing - when everyone is excitedly shouting for a bull market, it's often the easiest time for the big players to trap people. This wave of ETH could very well be luring you to chase high, and then the big holders conveniently offload, leaving you as the bag holder. What's the current environment like? No interest rate cuts, no liquidity injections, why can it keep being pushed up? Let alone it's the weekend rally, do you really think this is a charity event? Wake up, your money is not for propping up others at high prices.
From the chart, ETH is currently showing a range-bound fluctuation on the hourly level, having broken below the middle Bollinger Band, and the MACD is clearly trending downwards, with the fast line soon approaching the 0 axis. Given this momentum, there is a high probability of a deep correction this evening.
Operation suggestion: Consider entering short in the 4250-4280 range, with initial targets at the 4100, 3950, and 3880 retracement levels. Don't be greedy, don't hesitate, take action when necessary.
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