This drop may have just begun
Hey, friends, I’m Haifeng, and watching ETH makes my heart race!
Just got a bomb signal on the 1-hour chart: a big bearish candle completely swallowed the previous bullish one, which is not good. A typical "bearish engulfing" is shouting: run, don't hold onto false hopes!
What's worse is the RSI indicator, which has directly broken below the 50 midline and is sliding down. These two indicators are in sync, essentially giving an official confirmation of the downtrend.
ETH's price now looks like a deflated balloon, having actually fallen below the critical double moving average support (EMA24 and EMA52), which clearly indicates the market is extremely weak, and I feel there's simply no momentum to bounce back up.
There are also traps on the chart: at the 2637 level, there’s a bunch of major players' chips, and those big holders have probably sold close to 4 million dollars’ worth, firmly suppressing the price rebound.
Additionally, the short-term trading volume is even weaker than the long-term, making the entire market feel as cold as an ice cellar. In this atmosphere, it's strange if the price doesn’t drop.
I suspect ETH will continue to dip, so if you have positions, make sure to manage your risks well!
For the next layout direction, expecting a space of over 10 times is not a problem. Like + comment, and let’s layout the entire bull market together!
