Ethereum Short-Term Trading Strategy: Focus on Key Watershed at 2890

1. Core Pattern and Key Price Levels

Currently, Ethereum's short-term trend is under the strong resistance of 2890, remaining below the downward trend line since October on the daily chart, and also below the major index moving averages, with an overall bearish structure. Market sentiment is in a cautious range, with ETF fund volatility and the fragility of the leveraged market exacerbating short-term volatility risks, making 2890 the core watershed for long and short directions.

2. Long and Short Response Strategies

(1) Bearish Continuation Scenario

If the resistance at 2890 is not effectively broken, the downward trend will continue, with the primary target range below at 2700-2600. This range corresponds with the recent demand area and previous bottom of consolidation, with around 2600 acting as a key support level. If a pin bar pattern appears, one can take a light position for a swing long, setting a stop loss below 2550, with a target of the 2750-2800 range.

(2) Rebound Breakthrough Scenario

If there is a significant volume breakout above the 2890 resistance during the day, and the closing price stabilizes above this level, the rebound space will open up, with subsequent focus on the pressure in the 2980-3000 range. 3000 serves as an important psychological barrier, while also overlaying short-term moving average resistance. One can selectively take short positions in this range, with a stop loss above 3050, targeting a pullback to 2900-2880. $ETH