ETH bearish structure still dominates!
Let's take a look at the current situation of ETH:
Price is stuck: fluctuating between $2,580 - $2,600, trapped in a small box between $2,400 and $2,800.
Bears are very aggressive: Several attempts to break above $2,700 - $2,800 have failed, unable to hold at all! This indicates that sellers currently hold the upper hand.
Where is the support? Currently relying on the $2,500 - $2,580 area to hold. I am particularly worried! If it breaks below the key area of $2,510 - $2,530, it could very likely slide all the way down to the low point of $2,380 - $2,400 from several weeks ago!
Why is this trend very dangerous?
Typical downtrend: Highs are getting lower, and lows are also decreasing, textbook bear market!
Weak rebounds: Even if it occasionally rises, there aren't many buyers, further proving the bears' advantage.
If it can't hold, it will be disastrous:
First line of defense: $2,510 - $2,530. If this breaks, I estimate a rapid decline will follow!
Second line of defense: $2,380 - $2,400. This is a position that people are more willing to buy recently.
My thoughts and how to protect myself:
Short-term bearish:
Look for opportunities to short: for example, when the price is fluctuating around $2,600 - $2,700 and can't rise.
Target: First look at $2,530, then $2,400, and finally $2,380.
Must set a stop loss! Place it just above $2,750, or at a loss level you can bear.
Want to go long? Hold on!
Unless you see ETH stable above $2,750 - $2,800, don’t rush to catch the bottom!
Safety first!
Be patient! It is obviously a bear market right now, don't be tempted to catch falling knives!
Control your wallet! Each bet should not exceed 2-3% of your capital, and you must set a stop loss! If you lose, don’t let your emotions make you want to immediately recover losses!
Be flexible! The market can change quickly; if ETH suddenly holds at a support level, or if it really breaks through the resistance with a strong upward movement, quickly adjust your strategy, don’t stubbornly hold on!
In simple terms:
ETH is currently in a downtrend! Highs are getting lower, and rebounds are weak. I believe the risk is very high! Breaking below $2,510 could likely trigger a significant drop, probing $2,400 or even lower.
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