$ETH This trend has turned downwards from the consolidation phase—could a bearish breakout really be on the way?
$ETH previously surged to a high of $4378, but failed to hold, now it has dropped to $4298.88, down 0.12%. Looking at the K-line chart, there was a previous surge with red bars, and it broke through the level of $4331.82, but now it seems likely to make a lower low, indicating that the market's upward momentum has faded and is starting to shift towards a bearish direction.
Now let’s discuss how to operate in short-term trading:
• Entry price range: Enter short when the price is within the range of $4298 to $4320, if it seems appropriate.
• Stop-loss level: Set it above $4350 to avoid significant losses in case of a market reversal.
• Target price is divided into three levels: The first target is $4250; the second target is $4200; the third target is $4100, which is considered an extended target, and if the market is strong, it might reach that.
Let’s also talk about the overall market outlook:
Currently, trading volume is stable at 18.87 million, but it is far below the moving average, such low volatility is actually favorable for short sellers, essentially providing support for the bears.
If $ETH cannot break through the high of $4354, then continue to hold short positions and don’t let go easily. If it truly drops below the low of $4204, the selling speed may accelerate, and at that time, the bears could make a significant profit.
