$ETH Evening Silk Road and Suggestions

The second pancake is also moving sideways within the flag pattern, but a bearish engulfing pattern has appeared within the white box of the flag pattern, and it is a bearish engulfing pattern occurring at a high level, indicating that the second pancake needs a pullback. To amplify the bearish engulfing pattern of the second pancake, it must break below the flag pattern and the support at 2233; only then can the bearish engulfing pattern be confirmed, leading to a wave of pullback. As long as the price falls below 2233 again, it must retest the upper boundary of the box at 2175. If the upper boundary of the box holds, there is still a chance for sideways consolidation or an upward push. Once it drops back inside the box and breaks below the midline at 2090, a deep correction will follow. The maximum correction acceptable is a pullback to around the midline at 2090; it must not break below the midline, or the upward trend will be over.

Looking at the volume corresponding to the first candlestick below the white arrow, the volume and price are normal, indicating typical price action. The second candlestick shows a huge volume, but the price did not surpass the body of the first candlestick, which indicates an abnormal volume-price relationship: high volume with no price increase. The second pancake has been consolidating at a high level without forming higher highs, which is understandable given poor liquidity during the day. Once the US stock market opens and liquidity improves, if no higher highs are formed, the second pancake will likely undergo a wave of hourly corrections.

The second pancake broke through 2251 with volume on the right side, indicating an aggressive long entry. A volume-supported break below 2230 on the right side suggests a short entry; pay attention to volume changes and set stop-loss orders accordingly.

On the hourly chart, if the second pancake stabilizes above 2251, it aims for 2300-2338.
On the 4-hour chart, if it breaks below 2199, look for support at 2150-2108.

On the daily chart, the much-anticipated 2139 has finally been broken. From a daily perspective, the next target is the upper boundary of the box at 2357. This is the outlook for the second pancake from a daily chart perspective: as long as it stays above 2139, the daily bullish trend is reasserted, and a move toward 2357 could open up the upward space. The MACD fast line has already crossed above zero; the slow line is close to crossing as well. Once both lines are above zero, the bullish control will be confirmed. Currently, the strategy is mainly to buy on dips, with short positions as a secondary option. $ETH