Is the downtrend not over yet? ETH's four-hour pattern has broken!!!
It may continue to fall! The logic is very clear:
Interest rate cuts have been realized, and it has started to drop. The entire downward cycle in mid to late December may have just begun!
Tonight's key depends on the performance of the U.S. stock market!
If the U.S. stocks continue to widen their losses during the trading session, market sentiment will completely collapse, and the downtrend may accelerate further!
Current market sentiment is very weak. If U.S. stocks continue to widen their losses during the trading session,
the market will have no chance of rebound and will directly enter a deep decline mode!
If U.S. stocks stabilize, the market may temporarily enter a consolidation phase, but the overall rebound space is limited, and under emotional pressure, it may test lower levels again at any time!
The four-hour support pattern for ETH has already broken, and currently, the bears are in absolute control, with the market entering a downward cycle!
The next key point is the daily support at 3100. If this level cannot be held, the market may continue to decline deeply, targeting 3000 or even 2960!
3100 is the key defensive line for daily bulls,
as long as it does not break, there will still be a chance for a rebound! But if it breaks, the market will completely weaken, and the downside will be fully opened!
If ETH rebounds to the range of 3250-3300 but cannot break through, then the market remains weak, and bears can continue to ambush.
Only by breaking through 3300 does the market have a chance for a second surge; otherwise, all rebounds are just bait for the longs, brothers, don’t get trapped!
