#ETH Daily Analysis

Ethereum price is fluctuating around 2540, currently in a downtrend.

In the short term, the price may weaken further, especially in the case of bearish patterns (such as bearish engulfing and three black crows), which strongly confirm the downtrend. The short-term target may test the validity of the support level at 2370.

If you are already holding a position, it is recommended to reduce your position or set an appropriate stop loss to avoid further downside risk.

For the short position, the current trend is strong, and you can pay attention to the strength impacting the support level near 2370.

Technical Analysis

Candlestick Pattern: A bearish engulfing pattern appeared at 12:00 on July 4, and three black crows formed at 15:00 on July 4, indicating a downtrend.

Market Trend: Previously oscillating downwards, rebounding from the bottom on July 2, and starting to adjust into a downtrend on July 4.

Support and Resistance: Support level at 2370 and resistance level at 2640.

Potential Buy and Sell Points

Buy Point: Around 2530 (close to the previous low after a pullback, may form support.)

Long Stop Loss Point: 2480 (breaking below the key support area indicates the downtrend may continue.)

Sell Point: 2580 (after a slight rebound, close to the recent resistance area, suitable for shorting at a high.)

Short Stop Loss Point: 2640 (breaking through the resistance area may revert to an uptrend.)

The market is changing rapidly; any specific changes are subject to real-time conditions. I personally have a heavy position, entered early, and set my stop loss at 2520. Brothers who entered with small positions should set their stop loss at 2480 for safety.