5.16 Ethereum Market Analysis

Yesterday's Ethereum trend was predominantly bearish. My analysis has not yet reached the entry point. Currently, Ethereum's pullback has not touched strong support, and I can still maintain a bearish outlook for the day. The one-hour level experienced fluctuations in the morning, which did not lead to an upward breakout of the moving averages. The morning closing at 6 AM formed a downward line, indicating a bearish signal. Pay attention to the resistance around the 2600 level and patiently wait for Ethereum to reach the resistance to set up short positions. The four-hour mid-band moving average support has turned into resistance. Overall, Ethereum lacks sufficient bullish momentum during the day; it is advisable to focus on the larger trend.

Trading Suggestion: Short in batches at 2580-2600

Target: 2520-2420

Risk Control: 2625