ETH surged to 1661 yesterday but started to lose momentum, plummeting all the way down to 1575. The four-hour chart looks like a slide, moving downwards in a straight line, with bears completely in control. The price is almost touching the lower Bollinger Band, which looks weak.

In the short term, this rebound seems more like a dead cat bounce. The bulls struggle for a bit before getting pushed back down. The one-hour chart shows consecutive bearish candles breaking through support, and the rebound can't even touch the middle band, clearly indicating weakness.

At this position, any bounce is likely to be a setup for a second drop. The morning strategy is very simple – a rebound is an opportunity for short positions!

Remember, once a trend is established, don't rush to catch the bottom; wait until the bears are unable to push down further! In this market, it's better to sit back and enjoy tea rather than chasing long positions. Wait for the rebound to be in place before going short, steady as an old dog.