Ethereum reached a high of 3677, breaking through the Fibonacci line at 0.786. Currently, there has been a short-term pullback with a low of 3477. If it falls below this price, further pullback is expected. On the daily chart, yesterday's candlestick closed with a pin, so the focus now is on whether the pressure at 3677 can be broken through again.
Bitcoin, after pulling back from 123274 to 115751, has been said by the analyst that short-term fluctuations are still needed. Some friends have disagreed with this view, but it has been observed that it has been fluctuating at a high level for 5 days. The analyst's thought is still to rebound after testing the short-term support at 115751, but a false breakdown to around 113688 before a rise cannot be ruled out.
On the 17th, the U.S. House of Representatives overwhelmingly passed three cryptocurrency bills: the "Genius Act," the "Clarity Act," and the "Anti-CBDC Act." The cryptocurrency industry is about to welcome the first official industry laws in the U.S., which will help legitimize these digital assets and move towards becoming mainstream financial products. This is still a positive for cryptocurrencies.
Bitcoin
The short-term expectation for Bitcoin remains the same as the analysis from the previous days, maintaining high-level fluctuations. From the analyst's perspective, the only thing to watch for is whether there will be a false breakdown followed by a recovery, as this is a common tactic used by market manipulators.
On the daily chart, after rebounding from 98180, it is currently testing 0.236. The short-term support remains at 115751, with the Fibonacci 0.382 level at 113688. Therefore, in this case, a pullback to test this area before rebounding cannot be ruled out.
Support: 113688—115751
Resistance: 121000—123274
Ethereum
The daily chart is likely to close with a doji today, after reaching a high of 3677 yesterday and then pulling back. The analyst reminded everyone in the previous days that this position has rebounded to 0.786, and continuing upwards is still a pressure zone, so chasing the price is not recommended. Previously, there was no layout when it was above 1000, including the pullback to 2111, and now chasing it faces a higher probability of a pullback.
Since the bottom at 1384, it has increased by 1.6 times, and from 2111, it has rebounded by 70%. The pressure level around 4100 is only about 10 points away, so the cost-effectiveness of chasing the price is not high. Those who have not built positions should wait for a lower entry opportunity or wait for a breakout above 4100.
Support: 3200—3300
Resistance: 3750—4100
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The article is time-sensitive and for reference only, updated in real-time.
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