Mr.rich
@binance-
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Yesterday, $ETH saw a high-volume drop to 3104, very close to the 3020 support level. Subsequently, the rebound also showed significant trading volume, and yesterday’s close formed a high-volume hammer candlestick, indicating strong buying and selling pressure for Ethereum.
Positive signs are starting to emerge, as there are clear signs of recovery in Ethereum ETF buying activity, which suggests optimism for Ethereum's future performance.
However, in a double-top pattern, the neckline that was broken becomes a critical resistance level. Additionally, the high trading volume during yesterday’s decline indicates strong selling pressure, suggesting that a retest is highly likely.
The most probable scenario is that Ethereum will rebound to test the neckline resistance level. If the breakout attempt fails, a second retest is expected to follow. 0 reply
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As I analyzed yesterday, after $ETH failed to break through the neckline, it has started a second bottoming process, with the lowest price already falling below 3300.
In terms of open interest, Ethereum's current open interest stands at $22.76 billion, down nearly $6 billion from the December 17 high of $28.69 billion. However, it remains significantly higher than the $18.09 billion level seen on November 21, before Ethereum's upward rally began. Therefore, Ethereum's open interest still needs to decrease further.
Additionally, this bottoming process is happening over the weekend, making it difficult to assess the strength of selling pressure. As a result, after this bottoming rebound, it is likely that further consolidation and shakeout will occur within the 3015–3555 range. 0 reply
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