(Er Bing) $ETH My view:
This drop was indeed very sharp, breaking straight through the previous low of 2407 and briefly touching around 2302 intraday. Although it closed with a long lower wick, that only means selling pressure has paused for now. A bottom hasn’t been confirmed, so don’t rush to treat this as a buy-the-dip signal.
Overall, the market still looks weak and is gradually trying to recover, but there’s no sign of a stable reversal structure. For now, no matter how it rebounds, I’ll treat it as a corrective pause within the downtrend. Until it holds above key levels, don’t assume the trend has turned.
The approach to going long is clear: don’t rush to bet on a reversal until key resistance has been reclaimed and held. Without confirmation of a bottom, it’s better to stay on the sidelines rather than jump in recklessly.
For a more cautious long entry, the price needs to establish itself firmly above 2406, then you can follow a confirmed breakout. Alternatively, if it pulls back to the previous low of 2317 and shows signs of stabilizing, consider buying on the dip. If it breaks below 2317, abandon the long idea altogether.
For a short-term long, follow through on the long side after a high-volume move above 2391, and cut losses immediately if the level fails. If a pullback holds at 2313, you can try a long; exit decisively if it breaks below 2281.
For a short-term short, if heavy selling breaks through 2358 and the rebound fails to recover it, follow the move lower—but be sure to use a stop-loss.
On the hourly chart, if the price can hold above 2391, the rebound could first target the 2406–2452 range. Near resistance around 2452, you can consider trying a short; exit with a stop-loss if it breaks above 2502.
For a pre-positioned entry, place a limit order to buy the dip at 2252, with a stop-loss if it breaks below 2224.
Resistance levels above: 2391, 2406, 2452
Support levels below: 2358, 2313, 2281
This drop was indeed very sharp, breaking straight through the previous low of 2407 and briefly touching around 2302 intraday. Although it closed with a long lower wick, that only means selling pressure has paused for now. A bottom hasn’t been confirmed, so don’t rush to treat this as a buy-the-dip signal.
Overall, the market still looks weak and is gradually trying to recover, but there’s no sign of a stable reversal structure. For now, no matter how it rebounds, I’ll treat it as a corrective pause within the downtrend. Until it holds above key levels, don’t assume the trend has turned.
The approach to going long is clear: don’t rush to bet on a reversal until key resistance has been reclaimed and held. Without confirmation of a bottom, it’s better to stay on the sidelines rather than jump in recklessly.
For a more cautious long entry, the price needs to establish itself firmly above 2406, then you can follow a confirmed breakout. Alternatively, if it pulls back to the previous low of 2317 and shows signs of stabilizing, consider buying on the dip. If it breaks below 2317, abandon the long idea altogether.
For a short-term long, follow through on the long side after a high-volume move above 2391, and cut losses immediately if the level fails. If a pullback holds at 2313, you can try a long; exit decisively if it breaks below 2281.
For a short-term short, if heavy selling breaks through 2358 and the rebound fails to recover it, follow the move lower—but be sure to use a stop-loss.
On the hourly chart, if the price can hold above 2391, the rebound could first target the 2406–2452 range. Near resistance around 2452, you can consider trying a short; exit with a stop-loss if it breaks above 2502.
For a pre-positioned entry, place a limit order to buy the dip at 2252, with a stop-loss if it breaks below 2224.
Resistance levels above: 2391, 2406, 2452
Support levels below: 2358, 2313, 2281