Is Ethereum acting up again? A big dump of 100 points, will it fall further? What should we do with ZEC now?

1. As shown in the chart, Bitcoin and Ethereum have now been confirmed as false breakouts with a big dump, and the trend is very weak. In the past few days, the US stock market and gold have risen overall, but the crypto market is falling, which in itself is a sign of decline.

2. However, everyone should not rush to short, it has just fallen back into the consolidation range, finding support in the lower range of 2930-2940 to start a small rebound. So how should we operate?

3. I personally operate quite conservatively. Although I am overall bearish, I will not recklessly short unless this support level at 2930 is clearly broken, especially since there are often false breakouts.

4. So since he has returned to the consolidation range, I will wait for him to rebound to the upper edge of the consolidation range before shorting. Especially around 3000 and 3060, entering in batches will be more comfortable, while our long-term short position at 3400 can still be held. By mid to early next year, ETH will fall to 2000 or even 1500, and then we can talk about bottom fishing.

5. ZEC faced resistance in the 450-470 range and fell again. The current support is around 410. In the short term, you can choose to take profits here, and then consider shorting again when it rebounds to around 430 and 450.

6. I have to say, this ZEC is really a big dump! We shorted at 450 the day before yesterday and took profits at 430. Everyone shorted again after the rebound, and now it has fallen again. As long as you short at the resistance level I mentioned, it will definitely be profitable. We only short ZEC and do not go long; we short when it rebounds to the resistance level. After playing for 2 months, I don't even know how much ZEC has contributed to us, and it's still pretty good~ 😂