$ETH Evening thoughts:

Bitcoin has already hit new highs, but Ethereum hasn't even tested its previous high, which is honestly a bit frustrating 🤢, just like a caterpillar 🐛 that doesn't bite people but annoys them! Ethereum's triangle was a false breakout, and now it's dropped back inside the triangle for another move. The area circled by the white box, with the hourly close, looks like this—if it stays like this, it's over. Ethereum will likely undergo a correction because the position circled by the white box forms an isolated high. An isolated high indicates resistance above, which prevented it from breaking higher. The resistance is at 2379, which just hits that level and causes a pullback. If the triangle can't hold, breaking below 2315 will lead to a further test of the 2257 level below. For Ethereum to rise, it must break through 2379 to challenge the previous high at 2416 and reach new highs. If it can't even get past 2379, there's no point in expecting higher prices. Not dropping significantly is already quite good.

Ethereum needs to break through 2350 with volume for an aggressive long entry on the right side; breaking below 2328 with volume signals a short entry on the right side. Watch the volume changes carefully, set good stop-losses.
On the hourly chart, Ethereum stands firm at 2350, aiming for 2379-2416.
On the 4-hour chart, a break below 2314 points downward toward 2270-2217.

As long as Ethereum doesn't break below the 4-hour neckline at 2306, it won't retrace downward to test the yellow bullish trend line at 2253. Breaking below 2306 will definitely lead to a test of 2253. Reaching this level is a good place for a long position on the left side; it may not guarantee how much you can make, but a rebound is definitely possible. However, if Ethereum breaks below the 4-hour neckline at 2306, it will return to a weak bullish zone, but the bullish trend isn't broken yet. Only a break below the yellow bullish trend line on the 4-hour chart will trigger a correction. That's all for now.
$ETH