The trend of ETH, which broke through 3000 after stepping down from 3050 without a rebound and fell straight to 2870, is absolutely not a normal correction. This is a concentrated sell-off combined with ultra-short sentiment killing, which already belongs to a phase of uncontrolled decline.
The current market situation is —
The bullish confidence has collapsed, but the bears are also entering a position where the risks of high-level chasing have increased.
Directly unfolding:
Why did it drop to this extent?
The key level of 3000 was lost, and the bullish trapped area was instantly sold off.
In the past, every time it dropped to 3000, there was support, but this time it broke through with almost no resistance, proving that the soil for bulls to hold on has disappeared.
MACD directly shows a green bar expanding
This is not a slow decline; it is a stampede-style escape.
The probability of this pattern directly reversing in a V-shape in the short term is very low; it must first go through a period of oscillation and repair.
Institutions or large holders have obviously taken profits
After continuous oscillation for many days, no one is pulling up, maintaining high costs, so a one-time sell-off triggered a chain of stop-losses.
In one sentence:
This large bearish candlestick is a signal, not the final act.
What must the bulls see to turn the tide?
It’s not about looking for a rebound, but whether the rebound can stand firm.
The current key is not 2870, but two clearer bullish thresholds:
First threshold = 2930-2950 pullback area
This is the recently broken previous low, whether it can stand firm on the pullback is the most important position to judge the authenticity of the rebound.
Second threshold = 3000 integer level
If the future rebound cannot return to 3000, the trend remains weak; the rebound only provides an opportunity for bears to fire back.
In other words:
Rebound but does not go above 2950 = weak rebound
Standing back above 3000 is the only chance to talk about a reversal.
Otherwise, it’s just gasping for air while drowning, not getting to shore.
Bearish direction
Since it is an accelerated drop, the bears are clearer than the bulls —
The short continues; we need to see the breakdown sustained:
Breaking below 2850 = another drop
Target looks at 2800—2775
If the rebound weakly retests does not exceed 2930—2950,
the bears will impose a secondary suppression,
and another wave of drop to 2820—2790.
The real explosive point for a major bearish trend is:
Effectively breaking below 2770
That would signal the start of a new downward trend, with prices potentially flowing directly to 2720 / 2680 or even lower.
In one sentence:
2870 is not the bottom; it is just a step that has been knocked down;
To launch a counterattack, 3000 must be recaptured;
Breaking below 2850, the bears continue to dominate the market.
