ETH Afternoon Thoughts
Current Price 2820, the 4-hour chart shows that ETH faced strong selling pressure after rebounding to a high point, resulting in a large bearish candle that directly broke through all short-term moving averages and the lower Bollinger Band. The short-term trend has clearly shifted to a bearish-dominated crash pattern, and market sentiment is extremely fearful.
The DIF line has deeply crossed below the DEA line forming a 'death cross', and the histogram shows extremely long negative green bars. This confirms the strong outbreak of bearish momentum, making it difficult to immediately reverse the downward trend in the short term. Both the K value and J value have entered the oversold area, reflecting that the market has dropped too much in the short term, indicating a technical rebound repair demand. However, in such a strong decline, the oversold state may persist, and one should not solely rely on this to bottom fish.
Operational Suggestions
Enter short at 2870-2900, with a stop loss above 2950, targeting 2750-2720$ETH
