ETH has been pinning around 1760U for 7 consecutive days without a valid breakout. If it breaks down, it means a rapid decline is likely; if it does not break, there is a possibility of stabilizing and rebounding upwards.

A valid breakout will depend on the daily closing price being below 1760U, which signifies the arrival of a major trend; stabilization may lead to the formation of a right bottom of a double bottom, with the corresponding neck line at 2100U.

Spot traders can attempt to build some positions at 1760U! If it breaks down, cut losses and exit. The rest, just wait for it!