It was originally expected that Ethereum would pull up with a bullish candlestick, pushing towards the 2850-2900 area before a decline. However, it couldn't even break through 2800, and the daily line formed a bearish candlestick with a long upper shadow. This type of candlestick appearing during a high-level consolidation phase often leads to further price declines.
Currently, Ethereum has upgraded from a 6-hour level to a 12-hour level rebound. A 12-hour divergence pattern has formed, and the price has now fallen back to the support area near the 3-hour level. After a weak rebound here, it is expected to continue declining. There may be a decent rebound at the 6-hour EMA52 line (2560), followed by a further decline towards the 12-hour EMA52 line (2420) before a significant rebound occurs. This process could take two to three days if it goes quickly, or a week to ten days if it is slower; just wait until it completes.
In terms of operations, short longs can be placed at the 6-hour and 12-hour levels, and short positions can be entered when rebounding back to around 2700.
Daily level resistance is at 2700-2820-3066-3300, and support is at 2560-2420-2310-2200
From the Ethereum liquidation heatmap, it can be seen that
the price is rising, with a large number of significant short positions waiting for liquidation in the 2672-2824 area
the price is falling, with a large number of significant and super-large long positions waiting for liquidation in the 2612-2520 area
