5.23 Ethereum Market Analysis

Ethereum reached a resistance level around 2750 during the day, leading to a sharp drop in the main trading price as sellers offloaded. Currently, Ethereum has broken below the support level of the upward channel, and this evening we will monitor whether the short-term support at 2450 holds. The one-hour moving average has turned downward, and the Bollinger Bands have opened up in a downward channel. Cautiously, one can consider shorting around 2565, while aggressive traders may short at the current price. The MACD indicator in the sub-chart has shown a death cross with significant volume, and the KDJ indicator indicates that the primary trend is approaching oversold conditions. Overall, the upward momentum of Ethereum is slowing down, suggesting a bearish outlook.

Trading Suggestions: Short in batches at current prices of 2540-2565

Target: 2480-2420

Risk Control: 2590