Ethereum Afternoon Market Focus: Bears Gain Strength, Downtrend Continues!
ETH price rapidly fell from the intraday high of 3043.03, with the afternoon decline expanding, hitting a low of 2945.01, currently reported at 2954.31. Bears dominate the market, and the downtrend is significant.
Technical Core Signals
Trend Pattern: The hourly chart shows a 'stepped decline after a high', with moving averages in a bearish arrangement, and the downward momentum remains strong.
Key Levels: The support at 2950 below is immediate, and if broken, it may drop to the 2930-2900 area; resistance above is seen at 2970, with strong resistance at 3000, and a breakout may relieve pressure.
Market Sentiment: The decline is accompanied by increased volume, weak rebounds, cautious buying, and persistent panic selling.
Afternoon Trend Outlook
There is a high probability of weak fluctuations in the 2950-2970 range. If 2950 is broken, it will test the 2930-2900 area; if it holds, there might be a slight rebound but constrained by the 2970-3000 resistance zone. A low probability event is a bullish stimulus that rebounds back above 3000, but currently lacks support.
Operational Reference
Short-term: Avoid blindly bottom-fishing, focus on 2950 support; if it rebounds to 2970-3000, a light short position can be attempted, with a stop-loss set above 3000.
Medium to Long-term: Maintain a wait-and-see approach, waiting for reversal signals (such as a bullish engulfing) or a stable position above 3000 before making arrangements.
Risk Warning: Cryptocurrency is highly volatile, affected by multiple factors, and technical analysis is for reference only. Please strictly control risks during operations.
