November 11th Ethereum (ETH) is at a critical technical point, with both long and short sides vying fiercely 📊 Current market overview As of the evening of November 11, Beijing time, the price of ETH has repeatedly fluctuated around the $3,600 mark. Overall, the market presents the following characteristics: · Long and short fighting for key levels: After breaking through $3,600, the price failed to gain a firm foothold and fell back to around the $3,500 mark. This suggests that $3,600 is an important psychological and technical threshold. · The overall trend is a repair rally: the current market begins with a repair after a price correction. ETH rebounded from the previous low (around $3,058) and regained its position at $3,500 and the 100-hour EMA, showing some buying strength. 📈 Key technical points Understanding the support and resistance levels below is the key to judging the future trend. Analysis dimension Key points/directions Major resistance levels $3,650, $3,740 Major support levels $3,540 (trend line), $3,485, $3,500 Possible direction in the short term A breakout or pullback to the upside depends on whether it can hold firm at $3,650 · If it succeeds: If it manages to break above $3,650 and hold firm, the next key resistance level is near $3,740. A further break above this level could spark more buying interest and open room for a move higher to $3,950** and beyond. · If the upside fails: If the price consistently fails to effectively break through the $3,650 resistance, it may fall back again to test the support below. The defense of the two positions of $3,540 (trendline support) and $3,485 needs to be closely monitored. Once it is lost, the depth of the pullback may increase, looking down to the $3,360 or $3,260 area. 🔍 Other market dynamics In addition to technical charts, some fundamental market dynamics are also worth paying attention to: · Whale Accumulation: On-chain data shows that since the beginning of October, large investors (whales) have accumulated more than 740,000 ETH. This is often seen as a signal of long-term confidence in the market. · Sector fund rotation: Although ETH itself is under pressure, the DeFi and PayFi sectors of the cryptocurrency market are active, with gains of more than 3% in 24 hours. This could mean that market funds are rotating between sectors, distracting attention from ETH to some extent. 💡 Operational ideas tonight...