11.27
The brief rise of Ethereum does not indicate a change in overall sentiment; do not blindly chase after bullish positions. In the early morning, Ethereum broke the range-bound pattern, with a strong bullish candle pushing up to around 3040, but bulls should not be overly optimistic—after the surge, the upward trend did not continue and soon fell into a consolidation under pressure, with strong selling signals still present. The short-term rebound appears more like a technical breakout within a range rather than a signal of a trend reversal.
From a broader perspective, the current rebound is merely a short-term impulse driven by capital and has not changed the core bearish trend. The volume following the breakout has not sustained, and the concentrated emergence of selling pressure confirms the heavy resistance above, with bulls lacking the momentum for sustained upward movement.
Moving forward, it is essential to remain vigilant about the risk of a market pullback, and do not harbor any delusions about the bulls continuing to gain strength. Before a clear trend reversal is established, bears remain the core narrative of the market; blindly chasing bullish positions can easily lead to a market 'sudden blow', and aligning with the larger trend is the prudent approach.
The second target for correction is 3050, with resistance around 3145, and looking down to around 2950; if broken, watch for 2850.
