Big trouble! The ETH 3000 - 2950 defense line is about to collapse. Is the cryptocurrency market going to crash?

The focus for ETH now should be the range between 3000 and 2950 USD. This area is crucial as it is an important price point in everyone's mind, a region where trading was particularly frequent before, and the long-term trend line is also here. If we can hold this defense line, the market is likely to continue fluctuating at high levels.

Looking upwards, the 3050 USD position has already changed from a support level to a very strong resistance level. If we can't break this level during a rebound, the short-term trend will still be bearish. Stronger resistance is at 3150 to 3200 USD.

We also need to pay attention to the on-chain funding situation, to see if those large accounts are taking the opportunity to buy low during the ETH decline, and to check if the amount of ETH on exchanges is still decreasing. This can help us determine whether the 'smart money' is afraid of selling off, or if they think this is a good opportunity.

Additionally, we must not ignore the performance of related markets. We have to keep an eye on whether Bitcoin can hold above 90000 USD, and how the US stock market is doing. If traditional risk assets keep falling, it will be hard for the cryptocurrency market to remain unaffected.

Yesterday, I encouraged fans in the group to boldly short at the 3015 position, accurately hitting the second target of 2800. The magic continues, and those who want to join can gather in the chat room where I will share #美国非农数据超预期 #ETH .