Is Ethereum having issues again? It dropped directly by 100 points. Will it continue to fall afterwards? Let me analyze this for everyone.
From the chart, it can be seen that the recent breakout of Bitcoin and Ethereum was false, and then it started to plummet, showing particularly weak trends. In the past few days, U.S. stocks and gold have been rising, but the crypto market is falling, which is clearly a signal of decline.
However, everyone should not rush to short. Currently, Ethereum has only dropped back to the previous consolidation range, finding support at the 2930 - 2940 position, and starting to rebound slightly. So what should we do now?
My personal trading style is relatively conservative. Although I am bearish on Ethereum overall, I won't easily chase a short position before the 2930 support level is clearly broken. After all, there are often situations where the price seems to break support but actually hasn’t.
Since Ethereum has now returned to the consolidation range, I will wait for it to rebound to the upper edge of the consolidation range before going short. Specifically, this means entering short positions in batches around 3000 and 3060, which makes me feel more secure in this operation.
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$ETH$BTC
