"In a bull market, there are many sharp drops, while in a bear market, there are many gradual declines." ETH's recent drop from 3878.09 to 3353.51 perfectly illustrates the saying, 'The sharper the rise, the harder the fall.' Now the price is lingering around 3350; is it forming a bottom for a rebound or a continuation of the decline? Let’s analyze!

Market review: What has ETH experienced from 3878.09 to 3353.51?

Waterfall decline: ETH has plummeted from 3878.09 (100% Fibonacci level), breaking through two major support levels at 3765.76 (78.5%) and 3677.64 (61.8%), eventually crashing to 3353.51 (0% Fibonacci level).

Weak rebound: Although there was a brief rebound to 3477.29 (23.6%), the moving averages above are firmly suppressing it, making it difficult for the bulls to push forward, a typical case of 'weak rebound, strong selling pressure.'

Key support 3353.51: This position is the Fibonacci 0% level and also a psychological barrier. Once it breaks down, panic selling may directly push it below 3000.

Old cow's perspective: Can we buy the dip on ETH now?

Looking for a rebound in the short term, but don't be too optimistic.

There is funding support near 3353.51, and a short-term rebound is possible, but there is heavy pressure above (3477.29, 3553.87, 3615.76), making it difficult to break through without major positive news.

How significant is the risk of breaking below 3353.51?

Key signal: If the closing price of the 4-hour K-line is below 3353.51, it is highly likely to continue to explore the 3000-3200 range.

Main force dynamics: Currently, large funds are on the sidelines. If institutions start selling, 3350 may break instantly.

Old cow's conclusion: Short-term fluctuations are possible, but the probability of breaking below 3353.51 is high. Focus on whether this position can be maintained; if it breaks, look towards 3200!

"In a bull market, you make money by being bold; in a bear market, you make money by being patient!" ETH is currently at a critical position; either wait for a breakout above 3553.87 to confirm a trend reversal or wait for a drop below 3353.51 to pick up cheap chips. What do you think, will ETH break below 3350? Let’s discuss in the comments!

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#加密市场回调 #ETH走势分析