September 23 Early morning ETH analysis

After three consecutive declines, can Ethereum still be bottom-fished?

This wave of correction in Ethereum is quite severe! Not only has it declined continuously on the daily chart, but yesterday it also directly dropped with a long bearish candlestick, making the bearish pressure visibly intense.

Don't be fooled by those few rebounds on the hourly chart; every time it approaches around 4200, it gets pushed back down, clearly indicating that there is too much selling pressure above, and the rebounds are all 'false moves'.

Now, the key points to watch are: either it can stabilize at the recent low point, or it must strongly break through the 4200 resistance level; otherwise, this adjustment trend may not stop.

In terms of operation, we continue with the bearish outlook from last night, and bottom-fishing can be attempted with a light position at 4100.

Ethereum suggestion: 4100-4120 buy, target 4200-4220