$ETH Expert Strategy: Betting on a rebound in a weak market is like licking blood on a knife's edge!
ETH is still in a downtrend overall. Two big mountains are pressing down: the 7-day moving average at 2565 and the 30-day moving average at 2604, making it extremely difficult to rise above these levels.
Why do I say there's still a chance for a small rebound? Because there are buyers below to support the price! There's over 500 buy orders stacked around 2553, and further down at 2540 and 2520, there are significant buy orders from large players clearly indicating they don't want the price to drop.
What about a push up? Above 2560, there's a wall of sell orders from the bears, especially around 2563 where there's a massive sell order of 900 ETH, anyone who tries to push up will be cannon fodder.
Trading volume is too weak! Only 5 billion in the last 24 hours, which is 30% less than usual, no one is rushing in, making this rebound very fragile.
My operational strategy:
Focus on support levels: 2540 (first defense point), 2520 (second defense point). If these two points can't hold? Get out quickly! Especially if it drops below 2530, that's a danger signal indicating that the support has failed, and you must cut losses immediately.
Want to go up? You must have huge volume to eat through all the large orders above; otherwise, don't even think about a rebound, or you'll just get hurt if you go up. Only consider adding positions if it really breaks through.
What to do now? Just one word: wait! Either wait for BTC to lead the way or wait for the main players to force those shorts to cover, only then might there be a decent increase.
At this level? Just watch quietly, don't rush to make a move. Either wait for a stable 2555 or push through 2563 with volume, or panic sell down to around 2520 to pick up cheap goods.
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