$ETH ETH has broken below the ascending channel, confirming a bearish trend, and the market is continuing its downward movement.
Short-term resistance is currently around 2280; if it can establish a solid stance above this level, the bulls might have a chance to push further towards 2340. Conversely, if it fails to break through this resistance, the current weekly-level rebound is likely to end here.
On the downside, keep an eye on the short-term support around 2230. If the 4-hour candle closes below this level and cannot regain it afterward, the downward potential will be fully unleashed.
Short-term traders should operate around the upper and lower bounds of the descending channel, sticking to a high sell, low buy strategy. From a mid to long-term perspective, I still don't believe that around 1700 is the bottom of this bear market; we’ll have to wait and see.
Short-term resistance is currently around 2280; if it can establish a solid stance above this level, the bulls might have a chance to push further towards 2340. Conversely, if it fails to break through this resistance, the current weekly-level rebound is likely to end here.
On the downside, keep an eye on the short-term support around 2230. If the 4-hour candle closes below this level and cannot regain it afterward, the downward potential will be fully unleashed.
Short-term traders should operate around the upper and lower bounds of the descending channel, sticking to a high sell, low buy strategy. From a mid to long-term perspective, I still don't believe that around 1700 is the bottom of this bear market; we’ll have to wait and see.