#ETH .14 Tuesday Evening: Er Bing (Two Candles) Thoughts and Analysis

The Er Bing flag pattern has broken out, but just like the previous two attempts to rally to higher levels, it has only made a new high; the candle body has not yet stabilized above the 2393 resistance. At current levels, two upper wicks have also formed at the high end. This is currently only a potential double-top structure and has not been confirmed yet.
Only if there is a volume-backed breakdown below the flag pattern will the hourly double top be considered officially established, and only then will a pullback begin toward 2333.
If price retraces to 2333 without breaking: maintain range-bound oscillation between 2333–2393.
If price breaks below 2333: further dip to the 2273 support.
Conversely, if after retracing to the upper edge of the flag pattern it gains strength again and the candle body stabilizes above 2393, there is a chance to challenge the 2456 resistance.

At this position it is neither “up” nor “down,” so neither bulls nor bears have a good entry point. Either wait for a short when price breaks down on the right side of the flag pattern, or wait until a clear top formation appears after a rally before shorting.

4.14 Tuesday evening Er Bing trading suggestions:
Break out above 2389 with volume and hold: for aggressive traders, you can chase longs from the right side, targeting 2456–2496.
Break down below 2354 with volume and fail to reclaim: chase shorts from the right side; support is at 2329–2272.