Has it broken the level?
Ethereum now seems to require extra caution as it has broken below the upward trend line/head and shoulders neckline. Typically, it may experience a slight rebound followed by further correction. According to backtesting data, the probability of this is 75%.
If the market receives good news that allows ETH to reclaim the neckline, then this decline would be invalidated, and the trend would reverse. However, no such signal has been observed yet, and it currently appears bearish. A correction is needed to solidify the coin price, especially since it has risen too much before.
If we follow the theoretical scenario completely, ETH would first rebound to around 2520, then further decline to around 2360 or 2290 before starting to rebound again, and then determine the direction anew.
Previously, we successfully exited ETH and small coins Ray and Pepe and shorted BTC; the results are quite good so far. Congratulations, everyone! We will re-enter the market once the bottom stabilizes~😊